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- 1 Chainlink crypto shows swift gains on Friday Morning.
- 2 The LINK/USD crypto price is struggling to find a clear direction and is stuck in a range.
The Chainlink crypto price gained in the early morning session on Friday. The price has rebounded today after testing the 50-Day EMA yesterday. By the time of writing, the bulls had recovered over 50% of yesterday’s losses and are heading higher.
Moreover, the price is hovering above the key EMAs, signifying strength in the short term. The EMAs have been acting as a dynamic support for the price and helped the price maintain an upward trajectory.
Chainlink is a decentralized oracle network that connects smart contracts with real-world data. LINK/USD is currently trading at $15.13, as of January 19, 2024. With a total market cap of $8.64 Billion, it is the 12th largest cryptocurrency by market cap.
Moreover, the daily chart shows that the price hovers in a range and illustrates the formation of a range after a bullish rally. The price seems to be stuck in a 30% range since mid-November.
The breakout or breakdown of the range will determine the trend direction. The short term trend will remain volatile until the price remains in the range.
Chainlink Crypto Price Technical Analysis
The broader term indicates a positive bias. The daily chart shows that the LINK price is significantly higher than the 200-Day EMA, suggesting bullishness. The trend outlook shows that chainlink crypto price has more than doubled in the past three months.
The price persisted in an upward trajectory and has extracted a good return for the traders and Investors in the short term.
In the long-term, LINK/USD may resume its uptrend, as the crypto is exhibiting a strong upward movement as it remains above the crucial 20 and 50-Day EMA indicators, relying on the buyers’ pressure that could increase more.
Moreover, the LINK cryptocurrency is in a robust uptrend as MACD shows a bullish switch in its zone implying more upward possibility and the RSI does not indicate any overbought scenarios yet, suggesting that the LINK asset has more room to reach higher, as it is trying to surpass 14 SMA.
Chainlink Price Prediction January 2024
As per the most optimistic view of our analysts, the LINK price could reach a high of $19.40 by the end of the month. The bearish view of the analysts hopes for a breakdown below the recent support, after which the price may drop to a low of $13.04.
Chainlink Price Prediction 2024
The price prediction for 2024 shows that the Chainlink crypto may rise to a high of $27.31 by the end of 2024. However, the less optimistic analysts estimate a price target of $22.35 by the end of 2024.
Chainlink Price Prediction 2025
As per the most positive view of our analysts, the price may attain $36.25 by 2025, suggesting an upside potential of 136.50%. On the other hand, the most pessimistic view expects the price to reach $28.54 by the end of 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
