Price Analysis

Chainlink Price Poised 30% Upswing! Will Link Price Hit $38 This Week?

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While major altcoins are consolidating, Chainlink [LINK] has chosen to run with the bull. LINK was trading at $31.46 at the time of writing, up 3.6 percent in the last 24 hours. As a result, if investors aim for a monthly high of $ 36.3, which is nearly 18 percent higher than present levels, the upswing might accelerate quickly. After spending most of its time in the top ten, LINK has fallen to 13th place. LINK is currently the twelfth largest cryptocurrency.

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Chainlink, according to a well-known crypto trader and top analyst, is poised for a breakout. The Ethereum-based blockchain network Chainlink (LINK) appears to be prepared for a breakout, according to analyst Michal van de Poppe, who has 126,000 YouTube subscribers.

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It is worth noting that holding support at $30 remains crucial to sustaining the uptrend to $40, as shown on the chart. Meanwhile, some delay should be expected at $32, which, if broken, will bolster LINK closer to $40.

On the flipside, a correction occurs as soon as the altcoin loses support at $30. The 200-day SMA at $28 and the 50 SMA are in line to prevent losses from revisiting $24.

The pattern in LINK’s chart indicates an upward surge. “It’s highly likely that we’ll have a breakout here,” says the analyst. You’ve probably seen this structure before, where we’re building some sort of rounded bottom. A rounded bottom indicates that we will see higher lows [and] higher highs in the near future.” 

LINK will continue to climb if it can maintain a specified key level. The analyst believes that it needs to persist above $28.87, we are on the verge of a breakout to the upwards momentum. 

Chainlink price next run is expected to be about $38.50, meaning a 30% increase. But then we’ll very certainly get a new cycle for the altcoin as well, signaling that the markets will likely continue to trend.

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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.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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