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Tag: Chainlink price prediction

  • Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here’s The Next Target

    Chainlink (LINK) Price Breaks Out Of Bullish Flag Pole, Here’s The Next Target

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    The Chainlink (LINK) price has been on an impressive rally over the last week that has brought its price to new yearly highs. As LINK bulls continue to hold firmly above the $18 support, the emergence of this bullish rally has continued to signal that the price surge is far from over.

    Crypto Analyst Says Chainlink Bullish Flag Has Been Broken

    In an analysis posted on the TradingView website, crypto analyst CobraVanguard explains why the Chainlink price is currently very bullish. According to the analyst, despite the altcoin showing very bullish signs, a lot of traders are failing to realize that this is the case.

    They identified a flag pole that was created in the chart, and in this case, the flag for the LINK price was actually bullish. Even more interesting is the fact that the analyst revealed that the Chainlink price had successfully broken this flag, which they say is bullish for the price.

    Source: Tradingview.com

    “LINKUSDT is in a Bullish flag Patter,” the analyst said. “We can expect a bullish movement as much as the Measured Price movement (flag pole) to happen!” This further solidifies LINK’s entrance into its most bullish phase so far in 2024.

    Another major factor that the analyst identifies for the LINK price at this level is that the price was testing the major supply zone at $18. At the time, the LINK price had not cleared this level. But at the time of writing, LINk has broken clean off this major supply zone and is now trending toward $19. “The Flag Is Broken,” the crypto analyst declared.

    What Are The Targets For The LINK Price?

    In the chart shared in the analysis, the crypto analyst identifies two major points of interest in the Chainlink chart and these are the Supply Zone and the Target Price. The first, which is the Supply Zone, is at $18.3, and the LINK price has already broken above this level.

    Given this, the next major point of interest is the Target Price, and CobraVanguard puts this at the $27 price level. However, there is no straight shot toward this level as the analyst’s chart also shows a correction below the $13 support before rallying onto its target.

    If this analysis holds over the coming days/weeks, then the LINK price could see a sharp 20% correction as the first sign. Then from there, a complete 100% move upward to bring the price to the $27 price target.

    At the time of writing, LINK bulls continue to show dominance after a sharp 7% move in the last day. On the broader chart, the LINK price is up 27% in the last week, bringing its market cap to $10.9 billion.

    LINK price chart from Tradingview.com (LINK Crypto analyst)

    LINK bulls push price above $19 | Source: LINKUSDT on Tradingview.com

    Featured image from Changelly, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Chainlink Staking Program Exceeds Expectations, Drives LINK Price Up By 12%

    Chainlink Staking Program Exceeds Expectations, Drives LINK Price Up By 12%

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    In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over $632 million worth of its LINK tokens within a remarkably short period. 

    The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.

    Chainlink Unveils Staking v0.2

    Chainlink, recognized as the industry-standard decentralized computing platform, unveiled Chainlink Staking v0.2, the latest upgrade to the protocol’s native staking mechanism. 

    The Early Access phase has commenced, inviting eligible participants to stake up to 15,000 LINK tokens. This phase will last four days before transitioning into the General Access phase, enabling investors to stake up to 15,000 LINK tokens as long as the staking pool remains unfilled. 

    Per the announcement, the upgrade introduces an expanded pool size of 45,000,000 LINK tokens, equivalent to 8% of the current circulating supply. This enlargement aims to enhance the accessibility of Chainlink Staking, enabling a more diverse audience of LINK token holders to participate. 

    Staking forms an integral part of Chainlink Economics 2.0, which brings an additional layer of cryptoeconomic security to the Chainlink Network. Specifically, Chainlink Staking empowers ecosystem participants, including node operators and community members, to support the performance of Oracle services by staking LINK tokens and earning rewards for contributing to network security.

    While v0.1 served as the initial phase of the Staking program, v0.2 has been restructured into a fully modular, extensible, and upgradable Staking platform. Building upon the lessons learned from the previous release, the v0.2 beta version focuses on several key objectives. 

    Chainlink is introducing several new features to enhance its staking program. These include a new unbinding mechanism that provides more flexibility for Community and Node Operator Stakers.

    Additionally, security guarantees for Oracle services are being reinforced by slashing node operator stakes. A modular architecture is being adopted to support future improvements and additions, and a dynamic rewards mechanism is being introduced to seamlessly accommodate new external sources of rewards in the future, such as user fees.

    Following the conclusion of the Early Access phase on December 11, 2023, the v0.2 staking pool will transition to General Access. At this stage, anyone will have the opportunity to stake up to 15,000 LINK tokens.

    LINK Surges To New Yearly High

    Given Chainlink’s successful upgrade, LINK, the native token of the decentralized computing platform, experienced a significant surge of 12%, reaching a price as high as $17.305. 

    This price level has not been seen since April 2022, signifying a new yearly high for the cryptocurrency. However, LINK has retraced slightly and is currently trading at $16.774.

    Crypto analyst Ali Martinez has highlighted a critical support zone for Chainlink. Martinez noted that over 17,000 addresses purchased 47 million LINK tokens from $14.4 to $14.8. 

    This accumulation by many addresses suggests strong buying interest in this price range, potentially acting as a support level for the token.

    The 1-day chart shows LINK’s uptrend over the past 24 hours. Source: LINKUSDT on TradingView.com

    While the support zone may hold and trigger a rebound in the price of LINK, Martinez cautions that investors should remain vigilant. Any signs of weakness, such as a breach of the support zone or negative market sentiment, could prompt investors to sell their LINK holdings to avoid losses.

    It remains to be seen whether LINK can maintain its position above these critical levels and whether the broader cryptocurrency market will enter an accumulation phase or experience a retracement after the significant upward movement witnessed in recent weeks. 

    Such a retracement could potentially impact LINK’s price and lead to a test of the support above levels. On the other hand, the token faces immediate resistance at $17.483, $18.069, and $18.910. These represent the final hurdles to overcome before LINK reaches the $20 milestone.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Analyst Forecasts Chainlink (LINK) To Fall Below $10 Following Massive Price Surge

    Analyst Forecasts Chainlink (LINK) To Fall Below $10 Following Massive Price Surge

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    Chainlink (LINK) has emerged as one of the top cryptocurrencies in the last week following an impressive market performance which saw the token gain by 46.49% in the past seven days.

    Even amidst whale movements, which suggest that investors are taking profit, LINK has managed to maintain its bullish momentum, gaining by 6.10% in the last day to above the $11 mark.

    However, despite the positive sentiment that has currently overwhelmed the LINK market, some analysts believe the token may be due for a major retracement. 

    LINK To Fall Below $10: Is The Bullish Run Over?

    In a post on X on Friday, crypto analyst Altcoin Sherpa shared a prediction that LINK may soon experience a price dip, falling as low as $9.50. 

    However, Altcoin Sherpa notes that this potential price loss may not spell the end of LINK’s bullish phase. In fact, the analyst describes the token’s price coming down as “healthy.” 

    According to Sherpa’s prediction, LINK’s slide below $10 could simply be a price recorrection before the token resumes its upward trajectory. If this forecast proves true, many traders could view this $9.50 region as a great entry zone.

    Interestingly, Cryptonary, another analyst on X, has recently shared a similar price prediction.

    In a post on Thursday, Cryptonary called for much caution in the LINK market, stating the crypto asset may not sustain its current high price levels for long. 

    To back up this forecast, the analyst states the Relative Strength Index (RSI) shows that Chainlink is currently in the overbought zone, which indicates a price pullback lies on the horizon.

    Although many traders have opened long positions on LINK as indicated by the market’s positive funding rates, Cryptonary has advised investors against “joining the crowd”

    Similar to Altcoin Sherpa, the analyst predicts LINK’s price to fall to $9.67 for a short-term retracement. However, with strong selling pressure, Cryptonary states that LINK could trade as low as $8. 

    At the time of writing, LINK trades around $11.54 with a 0.25% gain on the last day. Meanwhile, the token’s trading volume is up by 8.01% and valued at $824.92 million. 

    Chainlink Records Partnership Streak

    In other news, Chainlink recently shared with the crypto community its streak of collaborations with major traditional brands in promoting the adoption of blockchain technology.

    In a thread posted on X on Friday, the blockchain highlighted its partnership with the Swift payment company aimed at facilitating the seamless transfer of tokenized assets across multiple chains using Chainlink’s Cross Chain Interoperability Protocol  (CCIP). 

    In addition to Swift, Chainlink also discussed its partnership with the Depository Trust and Clearing Corporation, the Australia and New Zealand Banking Group Limited, and Vodafone Digital Asset Breaker (DAB).

    LINK trading at $11.569 on the daily chart | Source: LINKUSDT chart on Tradingview.com

    Featured image from iStock, chart from Tradingview

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    Semilore Faleti

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