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).

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.”

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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.

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Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.