Chainlink Price Prediction: Will LINK Crypto Escape this Consolidation Phase?

• Chainlink price prediction suggests the consolidation phase over the daily price chart.
• LINK crypto has dropped below 20, 50, 100 and 200-days Daily Moving Average. 
• Link Crypto must escape this consolidation to surge over the daily chart.

Since May 2022, according to Chainlink price prediction, the token has consolidated inside the long-term consolidation phase. The LINK cryptocurrency needs to climb to the top of the daily price chart’s long-term consolidation phase. In the meanwhile, in order to move up for its breakout from the consolidation phase, LINK cryptocurrency has to gather buyers. Volume, however, is shown to be below normal and must increase for LINK to signify its breakout.

With a current estimated price of $5.92, Chainlink has increased its market value by 0.15% over the previous 24 hours. During the intraday trading session, trade volume jumped by 6.70 percent. This suggests that purchasers are attempting to give LINK crypto a boost. The market cap to volume ratio is 0.04234. for LINK to record its breakthrough in a row.

On the daily price chart, the chainlink price forecast indicates that the token is in a phase of consolidation. As LINK surges into the upper price range of the long-term consolidation phase, volume change, which is now below normal, must increase. The price of LINK cryptocurrency has been stabilizing between $5.72 and $9.55.

What do Technical Indicators suggest about Chainlink Price?

For the chainlink price to officially exit the consolidation period on the daily price chart, buyers must assemble. Technical signs point to the LINK cryptocurrency’s sideways movement.

The LINK cryptocurrency’s consolidation period is displayed by the Relative Strength Index. At 38, the RSI is unchanged below neutrality. The sideways momentum of LINK crypto is visible in MACD. The MACD line is attempting to hold steady at this level in order to advance into the consolidation phase’s upper price range.

Summary

Since May 2022, according to Chainlink price prediction, the token has consolidated inside the long-term consolidation phase. The LINK cryptocurrency needs to climb to the top of the daily price chart’s long-term consolidation phase. As LINK surges into the upper price range of the long-term consolidation phase, volume change, which is now below normal, must increase. Technical signs point to the LINK cryptocurrency’s sideways movement.

Technical Levels

Support Levels: $5.72 and $5.40

Resistance Levels: $6.50 and $7.70

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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