- Chainlink price (LINK) slid 2.76% in the last 24 hours and is currently trading at $7.11.
- Chainlink (LINK) whales data states that whales hold a total of 56% of the supply with a significant decrement of 3% over the past 1 year.
LINK is a blockchain layer that connects smart contracts to anything. It uses a decentralized network of oracles to let blockchains use external data, events, and payments. This gives smart contracts the off-chain information they need to be the main way of digital agreement.
The Chainlink price is currently trading at $7.11 with a decline of 2.75% in the past 24 hours. LINK holds a total market cap of $3.82 Billion and ranks 21st in the crypto market.
LINK token has a trading volume of $192.41 Million with a decline of 24.72% over the past 24 hours. It has over 538.09 Million tokens in circulating supply. The volume-to-market cap ratio of the LINK token is 5.03% indicating mild volatility in the market.
Chainlink Price Prediction Using Price Action Strategy
Chainlink price analysis reveals that the token slid nearly 60% after the breakdown of crucial support at $15 in May 2022. Thereafter, the price entered a consolidation zone popularly known as Darvas box consolidation. Since June 2022, The price has been consolidating in a range with support at $5.6 and resistance at $8.97.
The price is consolidating in the 40% range. The price has spent almost 450 days in the Darvas Box and has consolidated enough to make an explosion.
Now, if the price makes a breakout then it may surge higher up to $13.61 and 18.73. The price may observe a hike of 80 to 100% in a very short time after the breakout.
LINK Price Forecast from Indicators’ point of view
As per the EMA analysis, the LINK price has surpassed is trading above the 50 EMA which may act as a support as the price nears it. Also, the price is trading below 200 EMA which may act as a resistance as the price approaches it.
At the time of publishing, the RSI value of the LINK token is 51.72 and that of the SMA line is 46.40. RSI is also moving in a range along with the consolidation in the price.
MACD lines have made a bullish crossover. Also, Histogram bars are being formed above the mean line with increasing height indicating a positive sentiment being built in the market for now.
Conclusion
Chainlink price prediction concludes that the price has undergone a consolidation phase after a decline of nearly 60% in May 2022. The price is trading in a Box consolidation pattern popularly known as Darvas Box. The price has been in a consolidation of more than 450 days and has consolidated enough to make an explosion. Now, if the price makes a breakout then it may surge higher up to $13.61 and $18.73 and observe a hike of 80 to 100% in a very short time after the breakout.
Technical Levels
- Support levels: $5.55 and $3.34.
- Resistance levels: $8.97 and $13.61.
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.