Price Analysis

Chainlink(LINK) Price Aims To Inflate nearly 60%, Is $50 On The Cards?

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Highlights

    Chainlink price currently appears to have stuck within certain levels and very soon could break the barriers to propel high

    The LINK marines could get in place aiming to double the price in order to hit the ATH at the earliest

With many advancements undergoing within the crypto space, some of the cryptos could have a direct impact. One amongst them is the Chainlink price which could have a very positive impact required to gain bullish momentum. The LINK marines could intensify their activity to escort the price towards its previous levels. 

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LINK price kicked off the current year trade being poised to hit higher levels. And hence the price swelled from just below $10 to as high as above $54 in the first half of 2021. Following the crash, like many other tokens, Chainlink also fell mercilessly in three phases to record the lower figure around $13. But since mid-July, the trade appears to be in the favour as the price has doubled in the past fortnight. 

Also Read: Bitcoin Price To Hit $450K & Ethereum Price Aims At $17K, But When?

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Currently, LINK price is attempting hard to sustain within the resistance zone, forming a ‘W-shaped’ pattern. The resistance resides close to the neckline and hence it’s highly important for the price to surpass these zones. A significant breakout could be a better outcome of the pattern if the price prevents the reversal. 

However, after dipping to the same levels consecutively three times and bouncing back, these levels can be considered as strong support levels. And hence if in case of the Chainlink price declining again, the support levels could be held strong. Therefore, the upcoming price movement could be decisive as a breakout could result in a notable surge. Else the LINK price could tend to drop yet again to the pivotal support levels.

Also Read: Ethereum Price Poised to Hit ATH Soon! Will ETH Price Break $3200 Level This Weekend?

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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