Chainlink Price Predictions: Is it Too Late to Buy LINK?
Summary of the Chainlink Price Prediction Article
- The Chainlink price has risen by 12.5% in the past week and 20% in the last 30 days, with the altcoin up by 43% since the start of the year.
- Some analysts are predicting that LINK may carry through to $10 in the coming weeks, helped by a combination of price momentum and growing usage.
- Chainlink’s chart is showing signs of potential growth including its 30-day moving average climbing over its 200-day average, and its relative strength index rising from 50 to 60.
Overview of Chainlink Price Movement
The Chainlink (LINK) cryptocurrency has seen an impressive rise in price over recent weeks, increasing by 12.5% in the past week and 20% in the last 30 days. The altcoin is up by 43% since January 2021, although it has dipped slightly by 0.5% within the last 24 hours as part of a general decline across all cryptocurrencies within this timeframe. Despite this dip, some analysts are predicting further gains for LINK due to both current momentum and increased usage surrounding its decentralized oracle network.
Analysis Indicating Potential Growth
Chainlink’s chart is currently indicating potential growth with two key indicators pointing towards a possible breakout rally. Firstly, its 30-day moving average (red) has recently crossed over its 200-day average (blue), forming what traders call a ‘golden cross’ that can often indicate upward movement for an asset. At the same time, LINK’s relative strength index (RSI) has also risen from under 50 earlier this month to over 60 now – again suggesting growing buying pressure which could continue gaining momentum before being played out. If LINK breaks through resistance at $8 then it may continue rising until such time as buying pressure plateaus or reverses direction.
Many experts are predicting that LINK will reach $10 in coming weeks while some supporters believe that SWIFT’s partnership with Chainlink may help propel it much higher than this figure eventually. Michaël van de Poppe – founder of Netherlands-based trading platform Eight – believes that LINK will soon reach $10 before breaking out of an accumulated 10-month period thereafter; while many Link supporters claim that it is ‘about to explode’ without giving any specific figures on what they expect from its future performance.