As a seasoned researcher with years of experience in the volatile world of cryptocurrencies, I have witnessed numerous bull runs and bear markets. This latest surge in Chainlink’s price has piqued my interest, given its significant role in the Oracle sector and the optimistic predictions from analysts.
To start with, Chainlink’s price kicked off the month with a strong upward trend, peaking at a level not seen in more than three years. This significant rise can be traced back to the commencement of the cryptocurrency season and Chainlink’s pivotal position within the Oracle industry.
In the X post, one cryptocurrency analyst had a strong perspective, predicting that Chainlink might skyrocket from $200 to $800. Crypto analysts are generally bullish on the Chainlink price, which crossed a significant resistance mark at $22.80.
If this estimate holds, he expects the coin’s worth to rise between 7-fold and 32-times its current value. While this projected increase for the LINK may seem significant in the world of cryptocurrencies, it is indeed possible. In fact, over the past month, both Ripple and Stellar Lumens have experienced a surge in value exceeding 400%.
The main reasons behind Chainlink’s upward trend are heightened whale involvement and an impressive increase in newly created wallets, reaching a two-year high, as reported by IntoTheBlock.
Additionally, the overall worth protected within Chainlink’s network has skyrocketed to an impressive $37.57 billion, underscoring its undisputed lead as the most significant oracle service provider. This milestone places it ahead of competitors such as Chronicle, WINKLink, and Pyth.
Over the past week, Chainlink’s graph demonstrates a breakthrough over the crucial barrier at $22.80, leading to a significant 30% increase within a day. As a result, the LINK token has hit its peak since March 11 following three consecutive weeks of growth.
As a crypto investor, I recently witnessed a significant breakout that dismantled a potential double-top pattern with a neckline at $8. This bearish formation, often indicative of downside risk, has been a common occurrence in the market. Now, the token is approaching the 50% Fibonacci Retracement level at around $26.63.
Currently, the cost of Chainlink remains higher than both its 200-week and 50-week Exponential Moving Averages. If it surpasses this week’s peak of $26.75, suggesting a breakout, it might reach its all-time high of $52.8 – a potential increase of approximately 120%. This bullish outlook would be strengthened if the dominance is confirmed.
Instead, if the price falls below $20 (which serves as a psychological support), it would contradict the current bullish perspective. The next significant support level to keep an eye on would be the 200-day moving average at $12.
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2024-12-03 19:49