- EIP to impact the Chainlink ecosystem.
- Renowned analyst sees potential in LINK.
- Volume stands at $179.4 million.
Chainlink was founded in 2017 as a blockchain abstraction layer that enables universally connected smart contracts. Amid the various EIPs scheduled for 2023, crypto maniacs predict a change or update in the smart contracts. Chainlinks, being connected to smart contracts, may also signal a possible change in its protocol. Users assume that the impact might reach all platforms related to smart contracts in any way.
Meanwhile, popular crypto analyst Michaël van de Poppe envisions rallies for LINK and other coins. In a new Youtube strategy session, Van de Poppe says to his 163,000 subscribers that the token will likely surge after the decentralized oracle network first drops by as much as 20%. He adds that holders will probably see a scenario where LINK is going to the bottom. He believes it will approach anytime soon, and then holders might get a relief rally to about $17 in 2023. This in return, led to flooding of positive emotions among the fam.
Here what prices say
The prices have formed a parallel channel of movement. According to Van de Poppe’s prediction, prices may rally to $17 and to achieve that goal, current prices of $5.8 must break out the level of $7.4 and establish a solid bull run. That means LINK has to find a spot above all the significant EMAs that currently float above it. Falling volume and rising OBV mark the divergence that reflects signs of a rally.
The subtle spike in price is visible in the movement. The CMF rises for the jump and images an uptick. The MACD marks an end for the seller session of sales and witnesses a rise in buyers. The RSI slopes up but struggles to pierce the upper range above the half line.
The peephole
The smaller time frame study suggests prices rise at a diminishing rate. The falling CMF precisely displays the rate of rise in the positive zone. The MACD records continued buying and rising interest in both buyers and sellers. The RSI also drops closer to the 50-mark after reaching the upper band.
Conclusion
The LINK holders await the new updates and the price rally as predicted by the analysts. The investors keep a keen eye on the various levels to enter the market, one of them being $7.4, after which the rise may occur.
Technical levels
Support levels: $5.32 and $4.18
Resistance levels: $8.04 and $9.02
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.
Source: https://www.thecoinrepublic.com/2023/01/05/links-bright-future-to-bestow-upon-its-holders-positive-emotions-flourish/