Price Analysis

Chainlink(LINK) Price Hovers Around $7.5 Anticipating a 50% Jump to Hit $11 Very Soon

Author: Sahana Vibhute

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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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Highlights
  • Chainlink price is consolidating below $10 for a long time and hinting for a major price explosion very soon

  • The LINK may spike more than 50% while a bullish argument will be proven correct if a breakout occurs through the $9.50 resistance level.

The Chainlink(LINK) token is currently trading at $7.82 after rebounding from the lows at around $6.6. While the prices are heavily consolidating below $8, excessive bearish pressure may soon squash the price. However, with the beginning of Q4 2022, the market sentiments are expected to flip a little. 

The LINK price had fallen precipitously from its upper highs and had moved into a parallel channel. Further, it fell to the support level of $5.530 due to strong selling pressure. Prices spiked at $9.640 and then plummeted quickly to the support level. For a month, the prices remained stable between the support and average levels ($7.31) before surging over the average level, encountering a little rejection, and accelerating towards the resistance level ($9.50) by 57%.

The bears quickly took over and drove the prices down by 28% below the average level of $7.31. The bulls made a valiant effort to raise prices beyond this level but were unsuccessful. The prices finally rose above the average level and reached the current price of $7.82 after extensive work.

Prices have been unable to return to the support level for three months and have subsequently risen above average, where they are now stabilizing at $7.82. This means that before breaking through the $9.50 resistance level, the price of Chainlink could drop below the average level, rebound back toward the resistance, and then drop below the present price once more. Chainlink anticipates an uphill trend in the future, with a corresponding 58% price increase.

The bullish argument will be proven correct if the Chainlink(LINK) price breakout occurs through the $9.50 resistance level.

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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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