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- 1 The Chainlink Price prediction shows that the crypto may attain $25 as the highest price in April if it surpasses $22.
- 2 Technical indicators imply a sideways to positive outlook in the short term.
The Chainlink price prediction shows that the crypto is hovering back and forth, delivering a sideways to bullish outlook in the near term. The crypto is a mixed bag on Saturday, seeing moderate gains by the afternoon session.
The bulls are trying to hold the grounds near the 50-day EMA as an indecisive candlestick was observed on the charts. At the time of writing, the LINK price was up nearly 0.37%, trading close to $19.04.
The daily chart shows the formation of a range and the price hovering between the upper and lower boundary of the range formed. On the higher side, the $22 level has been acting as a supply and a hurdle for the bulls. The $16.64 level has been acting as a demand, preventing the price from falling further.
Until the price is maintained in the range, it may continue to keep a sideways trend. Any breakout or breakdown may further validate a trend continuation on that very side.
Chainlink Crypto Volume Analysis
The volume analysis demonstrates that the Chainlink crypto received 320 Million USD in volume in the past 24 hours, which is 15.81% less than the previous day’s volume. It has a current market cap of 11.15 Billion USD and ranks 15th in the overall crypto market.
The volume-to-market cap ratio of Chainlink is 2.88%, indicating low volatility in the crypto. It currently has a circulating supply of 587.09 Million LINK tokens against a total supply of 1 Billion.
Chainlink Social Volume Insights
Moreover, the social volume and social dominance of Chinlink crypto display the increasing or decreasing number of social users over a period of time. The social users include users from various social media platforms like Twitter, Telegram, Instagram, and other popular social media platforms. A rise in the number of social users indicates the rising popularity and awareness of the users towards crypto, which may help the community grow more.
The social volume analysis of Chainlink crypto shows positive growth in the last month. The number of social users was low in February, but a jump of nearly 20% in March 2024 was seen.
Technical Indicators Imply a Mixed Outlook
The technical indicators imply a sideways to slightly positive outlook in the short term. However, the outlook for the long-term trend is positive. The chainlink cryptocurrency price has experienced frequent crossover with the short-term EMAs of 20 and 50-day, indicating a sideways trend.
When writing, the Relative strength index (RSI) line was placed close to the mean line at 49.12 points, and that of the 14-day SMA line was hovering at 46.79 points. The RSI and SMA lines were placed close to the mean line, suggesting a slightly positive outlook. Also, a bullish crossover of both lines was observed, further confirming it.
Chainlink Price Prediction April 2024.
The Chainlink price prediction for April 2024 shows that the crypto may advance to a high of $25 if bulls can surpass the hurdle of $22 on the higher side. On the other hand, less optimistic analysts estimate a price target of $15 on the lower side after the breakdown below $16.64.
Conclusion
The chainlink crypto hovers in a range and displays a sideways outlook in the short term. The $22 level and $16.64 level have been acting as a supply and demand zone, respectively, and the price hovers in the zone. The technical indicators imply a mixed outlook in the short term.
Any breakout or breakdown may indicate a trend continuation on either side. The long-term trend outlook is positive, which may attract more buying volumes at the lower levels.
Technical levels:
- Support levels: $16.64 and $13.49
- Resistance levels: $21.92 and $25.00
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.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
