Chainlink Price Analysis: Expert Predicts Breakout Soon!

Chainlink (LINK), a prominent provider of reliable price oracles for DeFi developers, appears poised for a significant breakthrough after several months of consolidation. The Chainlink community, consisting of node operators, data users, and investors, stands as a strong force. Moreover, the Chainlink team’s collaboration with developers through the BUILD program has solidified its position in the crypto arena.

Chainlink‘s Price: What’s in Store?

The well-regarded crypto analyst Altcoin Sherpa has shared their outlook on Chainlink’s future performance, projecting it to be a standout performer in the upcoming bullish crypto cycle. Taking a technical perspective, Altcoin Sherpa highlighted that LINK has held a price range of $5.527 to $9.33 for the past 505 days, with an average trading volume of approximately $2.7 billion.

Altcoin Sherpa underscored that LINK may not be the best choice for active trading but presents a dependable option for long-term investment, recommending holding it for a minimum of six months.

Also Read: Chainlink Price Analysis: Will LINK Price Cross The $7 Mark Soon?

Potential Breakout Soon?

While a weekly death cross between the 50 and 200 Moving Average (MA) indicators could indicate short-term vulnerability, the increasing divergence on the weekly Relative Strength Index (RSI) has boosted the prospects of an impending breakout. Notably, LINK’s price closed above the 50 MA the previous week.

Historically, LINK’s attempts to surge beyond the upper boundary of its horizontal range have led to capitulation and significant liquidation. However, with a growing number of buyers showing keen interest in Chainlink, crypto analysts are optimistic about its performance in the upcoming crypto cycle.

Chainlink’s Market Analysis

As of Monday, the Chainlink ecosystem held a Fully Diluted Valuation (FDV) of approximately $7.2 billion, with an average trading volume of about $214 million over the past 24 hours. LINK was trading at approximately $7.22, reflecting a 1.3 percent increase in the past 24 hours.

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