LINK Blastoff Past $30 Imminent?

Chainlink price prediction: LINK, the token backing the most prominent Oracle network in the crypto industry, broke out by a commendable 6% to trade at almost touching $16 during US business hours on Wednesday. This uptick in the price comes when the token faces a riskier bearish situation due to the formation of a rising wedge pattern in short time frames like the four-hour chart.

Therefore several four-hour candle closes above the immediate $16 resistance could bolster the technical structure, possibly paving the way for the anticipated rise to $20.

Over the previous week, Chainlink’s trading activity fluctuated between $13 and $15, positioning it as the market’s leading gainer during this period. Chainlink price is trading at $16.96, witnessing an increase of more than 5 percent in the past day. Over the last 24 hours, the trading volume has increased by 18% to $629 million. The current market capitalization for LINK exceeds $9 billion, ranking it among the top 20 cryptocurrencies by market value.

Analysts Weigh In on LINK’s Bullish Trend and Future Prospects

Altcoin Sherpa, a respected crypto analyst, has conveyed a positive outlook for LINK in 2024. He maintains a bullish stance, seeing it as a stable long-term investment. However, he notes that staggering returns are unlikely given its market cap. His commentary offers a realistic perspective for investors eyeing LINK’s potential in the evolving cryptocurrency landscape.

$LINK: Enjoy the next few months…

still v. bullish on this one over 2024 as a solid long term project but unlikely to give you mind melting returns given the marketcap/etc. #LINK pic.twitter.com/ncpLTm9nZt

— Altcoin Sherpa (@AltcoinSherpa) January 17, 2024

If Chainlink’s price remains stable above the $18 resistance level, it is poised to challenge the $20 mark. A successful breach of this barrier could set the stage for an ambitious climb towards the $30 resistance level in the short term. If this momentum continues, a breakthrough to $50 could be on the horizon, marking a significant milestone in Chainlink’s market performance.

However, if the bulls lose their grip and Chainlink falls below its current support, a downward trend towards the $14 mark seems likely. This scenario could be further exacerbated if bearish trends dominate, potentially dragging the price down to a critical support level at $10 the following week. Such movements would be crucial in determining Chainlink’s short-term market trajectory.

Chainlink’s Technical Indicators Signal Strong Buying Momentum

The 4-hour analysis of the LINK market’s technical indicators reveals a strong bullish trend. The Moving Average Convergence Divergence (MACD), a key indicator, is firmly in the bullish zone. This is evidenced by the green lines on the histogram overtaking one another. Furthermore, the MACD line’s position above the signal line is a clear indicator for potential buyers, suggesting an upward trajectory in market prices.

In addition, the 20-Exponential Moving Average (EMA) is currently positioned higher than the 50-EMA. This alignment indicates robust buying pressure within the market. The Awesome Oscillator, another vital tool, echoes this sentiment by residing in a positive zone, hinting at continued buying momentum. Meanwhile, the Relative Strength Index (RSI) has surpassed 60, edging closer to overbought conditions. 

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