The Chainlink price extended the rally towards $17 level on Thursday. The crypto is delivering swift gains recovering from morning losses. The price experienced volatility in the last week, losing in the earlier sessions and recovering in the later sessions.
Moreover, The crypto resumed its recovery this week and has added over 8% in the earlier three sessions. The LINK crypto trades on the higher side and might add more by the end of today’s session.
At the time of writing, the LINK crypto was $15.54 with a swift intraday gain of 0.77%. It has a market capitalization of $8.898 Billion and ranks 12th amongst all cryptos. The volume to market cap ratio is 8.34% signifying mild volatility.
Chainlink Trend Analysis
The long term trend demonstrates a positive outlook as the crypto has performed well in the past four months. The LINK crypto price formed a bullish trajectory and edged higher in the past three months. The crypto gained nearly 122.95% in the past three months rising from $7.5 to peak value of $17.6.
The short-term trend outlook shows that the LINK crypto is hovering back and forth, delivering a sideways outlook at the moment. The price has been hovering in a range-bound zone for the past three months, unable to find a clear direction
On the higher side, a round level of $17 has been acting as a supply zone and halting further momentum to the upside. On the lower side, the buyers have established themselves near the $13 level and are preventing the price from falling lower.
The breakout or breakdown of the range may decide the next clear trend for Chainlink. If the crypto breaks out it may rise to test upper supply levels of $18 and $20. While a breakdown on the lower side may drag the price to test lower demand zones of $12 and $10.
At the time of writing, the RSI was at 58.13 points, and the 14-day SMA line was at 50.76. Both the RSI and 14-day SMA line are placed near the median line indicating slight bullishness in the short-term trend.
Chainlink Price Prediction for February 2024
The positive view of analysts predicts an upside potential of over 20% by February end, which could take the Chainlink price above the $3.036 mark. On the other hand, the bearish view of analysts predicts that the price could drop near $12 level.
Chainlink Price Prediction for 2024
The price prediction for 2024 shows that the Chainlink may advance to a high of $25.86 by the end of 2024. The less optimistic analysts estimate a price target of $21.01 by the end of the year.
Chainlink Price Prediction for 2025
As per the most positive view of our analysts, the price may hit the $32.5 mark, suggesting an upside potential of 104.26% by 2025. The pessimistic view is that the price could reach $24.33 by the end of the financial year 2025.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/02/01/chainlink-price-stagnates-can-link-surprise-with-bullish-breakout/