Chainlink (LINK) Soars 9%: Crypto Analyst Predicts Next Big Target
March 26 2024 - 7:00PM
NEWSBTC
Chainlink (LINK) has performed strongly over the past week, with
the token’s price increasing 21.3% in the last seven days. Some
analysts have shared their predictions and thoughts on LINK,
suggesting keeping an eye on the token and its long-term
performance. Related Reading: Hold Onto Your Seats: XRP Primed For
90% Rally, According To Top Analyst What Is LINK’s Next
Steppingstone? Recently, Chainlink announced its partnership with
blockchain platform Avalanche and the Australia and New Zealand
Banking Group to connect the Avalanche and Ethereum blockchains
using Chainlink’s Cross-Chain Interoperability Protocol (CCIP). As
reported by NewsBTC, the partnership aims to facilitate the
“access, trade, and seamless settlement of tokenized assets across
networks in different currencies in a process called Delivery vs.
Payment (DvP).” The crypto community appeared to receive the news
well. X users expressed their positive sentiments towards the
collaboration and Chainlink’s token. The sentiment has seemingly
translated to LINK’s performance, as the token’s price soared 9% in
the last 24 hours. Crypto analyst and trader The Lord of Entry
shared his prediction for LINK. In the X post, the trader
highlights that the token’s performance in the past day had been
strong as it broke above the $18.5 resistance level. Chainlink’s
LINK unsuccessfully tested the resistance zone over the past week
after falling below it on March 18. $LINK 4hr – #LINK has been
strong today, but now banging into some resistance – if it can flip
this into support your next big target is around 28#LINKusdt
pic.twitter.com/YlCDRDOFTq — @TheLordofEntry (@thelordofentry)
March 26, 2024 The token continued the upward trajectory throughout
the day after successfully rising above the $18.5 price. In the
early hours of Tuesday, LINK surged above the $20 mark but faced
resistance near the $20.5 range. According to the trader, if the
token can break above this level and turn it into a support zone,
the next big target for LINK would be the $28 price range. As of
this writing, LINK tested this new resistance level, which has been
rising above it twice in the past hour. The token reached $20.6 in
the first attempt and briefly surpassed the $20.7 price range
during the second attempt. However, the token momentarily failed to
flip the resistance zone and fell below $20.5 again. Chainlink’s
“Very Strong” Long-Term Performance Despite the failed attempts,
LINK’s price surged 9% in the past 24 hours. Interest in the token
has seemingly risen in the same timeframe as its market activity
increased by 55.19%, reaching a daily trading volume of $539.9
million. Its market capitalization also increased by 8.16% in the
past day, reaching $12.02 billion. Chainlink is the 14th-largest
cryptocurrency by this metric, according to CoinMarketCap data.
Moreover, LINK has shown a remarkable 182.6% performance in the
last year. As a result, crypto analyst Altcoin Sherpa shared some
notes on LINK, suggesting that it shouldn’t be actively traded.
Sherpa stated that the token is a better fit to “buy and hold” as
it is a “safe coin that is going to do strong numbers.” $LINK: A
few notes w. this one- -you shouldn't be actively trading this.
Loads more volatile coins (though this has nice liquidity) -Better
to buy and hold, this is a safe coin that is going to do strong
numbers -Still fundamentally v. strong, 1 of the best. -still
expecting… pic.twitter.com/NeJAm2ixXj — Altcoin Sherpa
(@AltcoinSherpa) March 25, 2024 The analyst considers LINK
fundamentally “very strong” and one of the best tokens based on its
long-term performance. Ultimately, Sherpa predicts the price will
“consolidate for a bit longer before its next move.” Related
Reading: Ethereum Price Momentum Reignites As The Bulls Aim For $4K
Chainlink hits $20.6 in the 3-day chart chart. Source: LINKUSDT on
Trading.view.com Featured Image from Unsplash.com, Chart from
TradingView.com
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