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- Chainlink Price Prediction suggests a significant increase in value is possible in 2024.
- The LINK Price defends $5.00 support and bounces toward the 50 day EMA.
- Chainlink Price is near to the multi-year low.
Chainlink Price Prediction is bullish for the long term and suggests significant rise is possible in the long run.
The LINK Price defends the $5.00 support and buyers are trying their best to rebound. However, the price is below the 50 and 200 day EMA indicates downtrend and will act as an immediate hurdle for the bulls.
Recently, Chainlink Price slipped below the lower range of its one year consolidation. But sellers failed to give the follow through and missed the opportunity to drag the prices down.
After, few days of consolidation, the responsive buyers came forward and price showed a minor bounce. The up-move looks temporary and might again face rejection from the EMAs. Well, if the recovery continues and buyers succeed to break the EMAs hurdle then signs of bullish trend reversal will be visible.
Chainlink Price is trading at $5.720 with an intraday rise of 2.95%. In the last 24 hours, volume to market cap is 6.97%. The pair of LINK/BTC is trading at 0.0001901 with an intraday rise of 2.54%. The chart structure shows downtrend and no signs of recovery is visible.
Is Chainlink Price undervalued at current levels?
Chainlink Price corrected 33% from the recent swing high and formed a bearish pattern. It continues to trade in the range and price action does not show any signs of break out or break down.
If the overall market recovers then the pull back rally in LINK crypto might continue. However, the price will gain momentum only above $8.00. Till, LINK price is below the $8.00 it is expected to remain in the bear grip and likely to trade with the bearish bias.
On the other hand, If Chainlink Price breaks $5.00 and sustains below it, then it may raise concern for the long term investors. Presently, the LINK price seems to be at attractive levels and likely to journey toward $7.00.
LINK Price reversing upward from lower range
LINK Price reversing upward from the lower range of consolidation. On a weekly time frame it formed a Doji candle indicating indecisiveness. However, In current week LINK formed a reversal candle but the bull seems to be losing the momentum.
The MACD curve takes a U-turn and generates a positive crossover which turns the direction of histogram. It indicates mild bullishness and short term pull back is possible. The RSI at 50 sloping upward denotes price is gaining strength and might reach 60 in the coming month.
Conclusion
Chainlink Price Prediction remains bullish till it holds $5.00 support. If the LINK Price is able to climb above the 200 day EMA then short term trend reversal will be visible.
The technical analysis suggests, LINK Price is at an attractive level and will try to retest the higher range. The possibility of reaching $10.00 will increase when buyers are able to hold the price above $8.00.
Technical levels
Resistance levels: $8.400 and $9.640
Support levels: $5.000 and $4.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
