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Tag: LINK price prediction

  • Chainlink (LINK) Primed for Another Surge: Major Rally on the Horizon?

    Chainlink (LINK) Primed for Another Surge: Major Rally on the Horizon?

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    Chainlink’s LINK price is gaining bullish momentum above $16.50. The price could continue to move up if it clears the $17.50 resistance zone.

    • Chainlink price is showing bullish signs and eyeing more gains above $17.00 against the US dollar.
    • The price is trading above the $16.50 level and the 100-hourly simple moving average.
    • There was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair (data source from Kraken).
    • The price could start another increase if it clears the $17.50 resistance zone.

    Chainlink Price Eyes Additional Upsides

    In the past few days, Chainlink remained in a positive zone above the $15.00 level, like Bitcoin and Ethereum. There was a move above the $16.50 and $17.00 levels. A high was formed at $17.45 before there was a downside correction.

    The price dipped below $16.50 and tested $15.35. A low was formed at $15.34 and the price recently attempted a fresh increase. There was a move above the $16.50 level. It even jumped above the 50% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low.

    Besides, there was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair. Chainlink is now trading above the $16.50 level and the 100 simple moving average (4 hours).

    Source: LINKUSD on TradingView.com

    Immediate resistance is near the $16.90 level or the 76.4% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low. The next major resistance is near the $17.50 zone. A clear break above $17.50 may possibly start a steady increase toward the $18.20 level. The next major resistance is near the $18.80 level, above which the price could test $20.00.

    Another Decline In LINK?

    If Chainlink’s price fails to climb above the $17.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $16.65 level.

    The next major support is near the $16.20 level, below which the price might test the $15.50 level. Any more losses could lead LINK toward the $15.00 level in the near term.

    Technical Indicators

    Hourly MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.

    Major Support Levels – $16.65 and $16.20.

    Major Resistance Levels – $17.00 and $17.50.

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    Aayush Jindal

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  • LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level

    LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level

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    Chainlink’s LINK price retested the $12.00 support zone. The price is now eyeing a recovery wave above the $13.50 and $15.00 resistance levels.

    • Chainlink price is showing bearish signs below the $15.00 resistance against the US dollar.
    • The price is trading below the $14.20 level and the 100 simple moving average (4 hours).
    • There is a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
    • The price could start a decent increase if it clears the $15.00 resistance zone.

    Chainlink (LINK) Price Eyes Steady Increase

    In the past few days, Chainlink saw a major decline from well above the $18.00 level. LINK price declined below the $15.00 pivot level to enter a short-term bearish zone, like Bitcoin and Ethereum.

    The price tested the $12.00 support zone. A low was formed at $11.92 and the price is now attempting a recovery wave. There was a move above the $12.50 level. It even jumped above the 23.6% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low.

    LINK price is still trading below the $14.20 level and the 100 simple moving average (4 hours). Immediate resistance is near the $13.50 level. There is also a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair.

    Source: LINKUSD on TradingView.com

    The next major resistance is near the $15.00 zone. A clear break above $15.00 may possibly start a steady increase toward the $16.00 level or the 61.8% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low. The next major resistance is near the $18.00 level, above which the price could test $20.00.

    More Losses?

    If Chainlink’s price fails to climb above the $13.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $12.80 level.

    The next major support is near the $12.00 level, below which the price might test the $10.80 level. Any more losses could lead LINK toward the $10.00 level in the near term.

    Technical Indicators

    4 hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.

    4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level.

    Major Support Levels – $12.80 and $12.00.

    Major Resistance Levels – $13.50 and $14.00.

    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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    Aayush Jindal

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  • 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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  • LINK Price Rallies Over 5%, A New Uptrend In Making For Chainlink?

    LINK Price Rallies Over 5%, A New Uptrend In Making For Chainlink?

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    Chainlink’s LINK price is moving higher above the $15.00 resistance. The price is now up over 5% and might aim for a move toward the $18.00 resistance.

    • Chainlink price is showing positive signs above $14.50 against the US dollar.
    • The price is trading above the $15.00 level and the 100 simple moving average (4 hours).
    • There was a break above a key bearish trend line with resistance near $14.85 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
    • The price could rally further if it clears the $16.40 resistance zone.

    Chainlink (LINK) Price Eyes More Upsides

    In the past few sessions, Chainlink bulls were able to send the price above a few key hurdles at $14.50. Earlier, LINK price formed a base above the $12.50 and started a fresh increase.

    There was a break above a key bearish trend line with resistance near $14.85 on the 4-hour chart of the LINK/USD pair. The bulls pumped the pair above the 50% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low.

    LINK is now trading above the $15.00 level and the 100 simple moving average (4 hours). The price is up over 5% and outpacing both Bitcoin and Ethereum. If the bulls remain in action, the price could rise further. Immediate resistance is near the 61.8% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low at $15.65.

    Source: LINKUSD on TradingView.com

    The next major resistance is near the $16.40 zone. A clear break above $16.40 may possibly start a steady increase toward the $17.50 and $18.00 levels. The next major resistance is near the $18.80 level, above which the price could test $20.00.

    Are Dips Limited?

    If Chainlink’s price fails to climb above the $15.65 resistance level, there could be a downside correction. Initial support on the downside is near the $14.50 level.

    The next major support is near the $13.70 level, below which the price might test the $13.00 level. Any more losses could lead LINK toward the $12.50 level in the near term.

    Technical Indicators

    4 hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

    4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.

    Major Support Levels – $15.00 and $14.50.

    Major Resistance Levels – $15.65 and $16.50.

    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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    Aayush Jindal

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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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  • Chainlink (LINK) Price Hits New Highs With 22% Surge In A Single Day

    Chainlink (LINK) Price Hits New Highs With 22% Surge In A Single Day

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    Following a week dominated by Bitcoin and its positive performance, Chainlink (LINK) has emerged as one of the best performers in the crypto market this weekend. This comes after a long period of relative silence and sideways movement for the token’s price. The abrupt and significant surge in Chainlink price may have surprised many investors, but it only further highlights the volatile nature of the crypto market.

    Chainlink Price Soars 22% In One Day – What’s Next?

    According to data from CoinGecko, the price of Chainlink is up by more than 22% in the last 24 hours. Over the past day, LINK’s double-digit price explosion has seen the altcoin surpass the $9 mark, resulting in a multi-month high. LINK’s performance appears to be even more notable on the weekly chart, with a nearly 30% increase in the last seven days. 

    Although Chainlink maintains a substantial percentage of its gain, the token’s price seems to be facing significant resistance at the $9.5 zone. This reflects the uncertain sentiment of investors who seem unsure whether the current rally is a fluke or a bullish hint. Nevertheless, a crypto analyst expects LINK to build on this positive momentum.

    In a post on X (formerly Twitter), crypto trader Mags noted that the Chainlink price has just broken out of a consolidation wedge spanning more than a year. The analyst postulates that a close above $8.2 on the weekly timeframe will see the LINK price rise to $12.54. This represents a significant 30% projection from the current price point.

    As of this writing, the Chainlink token is valued at $9.36. According to CoinGecko data, LINK is enjoying a 468% surge in its trading volume over the past 24 hours.

    What Is Behind The Multi-Month High?

    A dive into the Chainlink network activity can help understand the driving force behind the latest resurgence in LINK’s price. Interestingly, a recent report from the on-chain analytics platform Santiment offers insight into the activity levels of the network.

    Santiment’s data report posted on X highlighted that Chainlink has been experiencing increased activity over the past few days. Specifically, the network witnessed significant growth – reaching three-month highs – in terms of whale transactions, active addresses, and trading volume this weekend.

    Chainlink network activity surges to three-month highs | Source: Santiment on X

    As the highlighted chart shows, LINK saw more than 220 whale transactions above the $100,000 mark on Saturday, October 22, while nearly 5,000 unique addresses interacted with the altcoin on the same day. Furthermore, Chainlink recorded more than 800 million in LINK trading volume on Saturday.

    While these data points don’t exactly indicate whether buying transactions are the prevailing activity on Chainlink, the ensuing LINK price rally suggests a possible accumulation trend.

    Chainlink

    Chainlink price on an upward trajectory on the daily timeframe | Source: LINKUSDT chart on TradingView

    Featured image from Shutterstock, chart from TradingView

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    Opeyemi Sule

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