Chainlink Inches Closer To $18 Despite Bearish Pressure – Analyst
July 23 2024 - 6:30AM
NEWSBTC
One very promising crypto asset that is performing very well today
in the crypto market is Chainlink (LINK). Many experts have noticed
LINK’s price path as current market circumstances offer a
combination of volatility and stability. Under a background of
restrained market movement, Chainlink’s technical patterns suggest
a bright future. Related Reading: ‘Early Signs Of Breakout’ –
Solana To Explode By 900%, According To Analyst Technical Analysis
Shows Promise According to new technical examinations, Chainlink is
currently trading at $14.10, but a rise may be around the corner.
It has been going down since it climbed recently. However, a
well-known crypto expert, Ali Martinez, has seen a pattern form on
the 4-hour chart that may just turn things around in LINK’s favor.
#Chainlink appears to form a head-and-shoulders pattern on the
4-hour chart. A sustained close above $14.7 could send $LINK to
$18.3! pic.twitter.com/v566HWIIrR — Ali (@ali_charts) July 21, 2024
Usually, this pattern – called the head and shoulders – indicates a
negative trend reversal. Martinez points out, nevertheless, a major
discrepancy in this situation. There are three peaks in the
head-and-shoulders configuration; the centre peakᅳthe headᅳis
tallest. The two adjancent peaksᅳthe shouldersᅳhave almost the same
elevation. Usually, a decline below the necklineᅳwhich right now is
at $14.63ᅳwould indicate a bearish change. Martinez advises,
however, that Chainlink may ward off these negative consequences by
keeping a price over $14.70, thereby paving the ground for a
significant price rise to $18.3. Chainlink (LINK) Price Projection
Based on the most recent analysis by CoinCheckup, Chainlink is
selling around 90% below its projected value for next month. This
notable undervaluation implies that LINK is presently going through
a period of reduced price in relation to its expected future worth.
Technical signs and market circumstances point to a positive future
with projections of a 35% rise over the next three months. This
expected increase suggests a possible trend of stabilisation and
recovery. Longer-term forecasts seem much more positive. Forecasts
of a 140% rise over the following six months reflect significant
positive momentum and a potential recovery trend. The one-year
projection of the platform supports this encouraging view even more
by implying a 76% increase at the end of the year. Such forecasts
highlight Chainlink’s prospects for significant appreciation, which
makes it an interesting choice for those looking for long-term
profits. Market Conditions And Levels Of Resistance More general
market dynamics have shaped Chainlink’s recent pricing swings. Over
the weekend, the market for cryptocurrencies showed modest
volatility marked by a neutral candlestick development in Bitcoin.
Related Reading: Terra Classic Poised For 280% Rally On ‘Major
Recovery Strength’ – Analyst The technical signs are looking
positive. The fact that the asset is now trading higher above both
the 20-day and the 50-day moving averages is a highly encouraging
indicator. As an additional point of interest, the average
directional index (ADX) is decreasing and is currently at 25%,
which indicates that the downward trend is beginning to slow down.
This indicates that the price of LINK may increase in the near
future. Featured image from Pixabay, chart from TradingView
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