Chainlink Price Prediction: Will Link Continue to Rise After 50% Pump While this New Token Has Raised $2.2M

Chainlink’s price has experienced a significant uptick this week as it grows by 40%, breaking a long-term downtrend and turning investors significantly bullish. However, can this momentum continue, or will we see a sell-off as early buyers lock in profits?

Chainlink Price Forecast as LINK Surges

Chainlink reclaimed the $10 level for the first time since May 2022 earlier this week. This is a significant achievement and a strong indication that the bear market end is nearing. Yet, the project has once again raised eyebrows as it continues to advance, currently trading at $11.3.

LINK is up 9.75% in the past 24 hours and 54% this week. This begs whether it can continue to push forth or if a correction is imminent.

One of the challenging things about such volatile breakouts is that many technical indicators respond too slowly to the dynamic price move. 

For instance, LINK is currently trading significantly higher than its moving average indicators, meaning they will unlikely act as support for an extended period of time.

However, one of the best and most reactive metrics to determine momentum and market sentiment is volume. As the chart below shows, Chainlink’s volume has exploded recently and has retained a high level.

This indicates growing investor interest despite the higher price, which hints at an uptrend continuation.

On the other hand, the relative strength index indicator is currently at 83, which is heavily in the overbought region. This signals that the price may need a “cooling off period,” where early investors lock in profits alongside increasing short-seller activity. 

If this occurs within the next couple of days, we may see a pullback to $10 before a possible uptrend continuation.

However, if the price continues to climb, we may see a retest of its $8.3 bear market resistance.

An analyst on TradingView, ATradeSniper, recently pointed out a falling wedge breakout, which is a strong indication of a trend reversal. The analyst used the weekly time frame and set a price target of $12.7 following the breakout.

Prominent crypto analyst and influencer Pentoshi also targets the $12 range for LINK, predicting that there will be a consolidation period once it hits. 

This only leaves room for less than 20% upside before an expected period of prolonged sideways movement. Those looking for more substantial upside potential should consider the new Stake-to-Earn project Bitcoin Minetrix, which is touted to 10x following its presale.

Could Bitcoin Minetrix Pump Next? New Project Redefines Crypto Mining and Raises $2.2 Million at Presale

Bitcoin Minetrix is a new cryptocurrency enabling users to mine Bitcoin by staking $BTCMTX tokens on its Ethereum-based platform. The project is currently in presale, raising over $2.2 million in one month. Now, investors can buy $BTCMTX for $0.0112 but must hurry as a 10% price increase will occur in three days.

The project redefines Bitcoin mining, making it available to anyone. Through the Bitcoin Minetrix platform, users can stake $BTCMTX tokens to earn Bitcoin mining credits. They can then burn these credits in exchange for cloud mining power, which makes them free Bitcoin.

Users only need an Ethereum-compatible wallet to get started, making it far more accessible than traditional mining with its complex hardware and knowledge requirements.

Its innovative use case adds tremendous value to the Bitcoin network, enabling everyone to begin earning BTC and contributing to its hashing power. Factoring in the crucial role that the $BTCMTX token plays, the presale’s unprecedented potential becomes apparent.

Analyst Jacob Bury recently predicted 10x returns for the project following its IEO. However, this seems conservative, given that analysts like Crypto Boy expect 100x returns.

With this in mind, potential investors must act fast because the presale is quickly selling out.

Visit Bitcoin Minetrix Presale