The larger cryptocurrency market continued to bleed over the last 24 hours, with Bitcoin dropping down to $46,630 and Ethereum dropping almost 3% trading at $3,763.
Most of the altcoins dropped heavily including ADA, XRP, LUNA, SOL, FTM, LINK, and more. While a few altcoins like NEAR, ALGO, XDC, ZCASH, CEL showed some gains.
LINK Price Analysis :
Chainlink price experiences deep pullback, giving buyers another discount. At the time of writing, the chainlink price is trading at $19.53 with more than a 6% loss. The Trading volume dipped 15% indicating a bearish outlook.
Now, the $22.2-level resistance stood as a testing point before any further upturn. Considering the current market trend LINK/USD trade pair, the price can be seen in free-fall after the day’s decline and could be in line to drop as low as $16 over the coming short-term trade.
Chainlink (LINK) Price Forecast for 2022
A well-known crypto analyst is forecasting future price objectives for Chainlink (LINK), a decentralized oracle network, for the year 2022.
While Chainlink’s price increased by 113 percent in 2021, Benjamin Cowen tells his 673,000 YouTube subscribers that his expectations for the real-world data supplier were far higher.
“It started at $0.12 and concluded at $0.60 [in 2017].” Approximately a 5x. The following year, it was down 53%, but since then, it has been up 521 percent [in 2019] and 539 percent [in 2020]. Then it had a far more modest 113 percent rise this year.
According to the analyst, LINK can still generate 4x gains next year. He believes that there is a good likelihood that LINK will set new all-time highs as we approach 2022. Cowen expects LINK price to hit $100 in 2022, a 4x increase over current costs.
I’m still quite enthusiastic about Chainlink, but you can’t ignore the fact that it’s underperformed [in comparison to] a number of other cryptocurrencies this year and in the last 18 months.”
The LINK/ETH trading pair has dropped nearly 88% since August 2020. Thus, to get back to where it was in the summer of 2020, the value of LINK/ETH should increase around 700%
As per the below chart, the analyst explains that LINK/ETH breaking resistance might be the impetus for Chainlink’s next rally.
“It’s been below [the bull market support band] since October or September 2020, and we’ve been rejected time and time again.” If we break it, it could signal a shift in Chainlink’s momentum, with the possibility of another good climb ahead.” Says Cowen
Coming to the LINK/USDT Pair, the analyst claims that the main regions to watch for LINK to see a reversal would be to see whether the LINK/USD valuation can go above its own bull market support band, which ranges from roughly $25 to $27.