Chainlink Continues Uptrend with Bullish Forecasts and Mixed Signals Amid RWAs Expansion: How High Can LINK Go?
Chainlink (LINK), a leading decentralized oracle network, remains in an uptrend according to technical analysis from altFins. Despite mixed signals from momentum indicators, analysts are bullish on LINK’s potential, with some forecasting a 95% chance of further price appreciation in the next six months. As a crucial provider of data to smart contracts, Chainlink is set to benefit from the growing trend of tokenizing real-world assets (RWAs).
What you'll learn 👉
Technical Analysis and Trade Setup
According to altFins, Chainlink’s price continues to bounce along the long-term trendline, signaling an ongoing uptrend. The analysis suggests an upside potential to $22.00, with a mid-term target of $25 if the $22 resistance is broken. However, a stop-loss is recommended at $16.20 to manage risk.
Source: altFINS – Start using it today
Previously, after consolidating in a sideways channel between $13 and $17 for three months, LINK broke out from the channel, indicating a continuation of the uptrend. altFins had identified Chainlink as a research coin pick, and the asset has rallied 150% since their initiation report in August 2023.
altFins classifies the short- and medium-term trends as neutral, while the long-term trend remains an uptrend. Momentum signals are mixed, with the MACD line above the MACD signal line (bullish), but the RSI hovering around 50 (neutral).
The nearest support zone for Chainlink is identified at $17.00 (previous resistance) and $13.00. On the resistance side, the nearest zones are $20.00 and $22.00.
Bullish Forecast from Upside-Down Crypto Data
Upside-Down Crypto Data, a cryptocurrency data analysis firm, expressed a bullish outlook on Chainlink. Their forecast model estimates a 95% chance that LINK’s price will be higher than its current level six months from now, suggesting that the asset’s upward trajectory is “just a matter of time.”
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Price and Market Sentiment
According to data from CoinGecko at the time of writing, the price of Chainlink (LINK) is $19.18, representing a 1.17% decline in the last 24 hours but an 8.56% increase over the past seven days. Despite some negative sentiment surrounding LINK, analysts remain optimistic about its future performance.
As Chainlink continues its uptrend, analysts and forecasters are expressing bullish sentiments based on technical analysis and the project’s position in the growing tokenization of real-world assets. While momentum signals are mixed, the long-term trend remains upward, suggesting potential for further price appreciation in the coming months.
You may also be interested in:
- Dogecoin Successfully Retests Macro Downtrend and Breaks Out from Its Bull Flag: How High Can DOGE Go?
- 7 Tokens Accumulated by Insider Wallets with Potential for 6X Growth
- Analyst Shares Key Tips for Maximizing Profits from Elon Musk’s Tweets in Bull Market
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
