Chainlink price prediction: LINK to test $40 resistance

Chainlink aims to solve the problem of connecting smart contracts to external data feeds. Doing so will allow them to escape their narrow, isolated shells, and function in the real world, where they can truly meet their potential. LINK is already a very popular token, and its price will likely follow the altcoin market as a whole. This means that LINK will likely see 10x growth in the coming years. It is primarily bought-up by large investors looking to ride the next wave of blockchain innovation.

Chainlink (LINK) to test $40 resistance. The Chainlink project is focused on connecting smart contract platforms to external data sources. Their token LINK has been in a downtrend since January as the broader cryptocurrency market substantially declined. However, Chainlink recently began an upside correction, rising to $0.33 on September 14th. (NOTE: This one is a little more complicated because you’re making up a cryptocurrency. Substitute “Bitcoin” in the above sentence with “Chainlink.”)

Summary of the situation

  • Chain material prices are expected to drop to $40
  • The closest support level is $38.
  • LINK is facing resistance at $38.5.

Chainlink’s price rose above the $32.00 level and strong bullish momentum allowed the price to rise above the $38.00 level. In the last seven days, Chainlink’s share price has risen more than 18%, indicating continued bullish dominance. However, the strong upward movement is giving way to volatile price movements.

The broad crypto-currency market was bullish over the past 24 hours, with most major crypto-currencies posting gains throughout the time frame. The best performers were DOGE and NBB, which posted gains of 16.92% and 4.28% respectively. Meanwhile, Bitcoin and Ethereum posted gains of 7.54% and 3.25% respectively.

Technical indicators for LINK/USDT

Technical indicators for LINK/USDT from Tradingview

As for the technical indicators, the MACD shows a decline in bullish momentum. Although the histogram is still green at the time of writing, its size has decreased slightly due to the strengthening of bearish momentum. Although the 12-EMA is still above the 26-EMA, there is little difference between the two and they could show a reversal at any time.

The RSI is currently in neutral territory, just above the 64.00 mark, and giving no signals. Last week the indicator was in the neutral zone. Currently, the RSI has made a small jump into oversold territory, indicating that buyers are offering resistance.

The Bollinger Bands are currently wide and will widen as the bulls take control of the market dynamics. The increase in spreads indicates greater volatility in switchgear prices in the short term. Meanwhile, if the price consolidates above the centerline of the bars, the bars will point upwards in the next few candles.

Overall, the technical analysis on the 4-hour chart gives a buy signal, with 15 of the 26 major technical indicators pointing to bullish support. On the other hand, only three indicators are giving sell signals, indicating a bearish pullback. Meanwhile, eight indicators remain on the sidelines, not supporting either side of the market.

The 24-hour technical analysis confirms this assessment and also gives a buy signal, as 14 of the 26 indicators point to an upward movement and only two indicators point to a bearish pullback. Meanwhile, ten indicators remain neutral and give no signal at the time of writing.

What can we expect from chain link prices?

Tradingview 4-hour chart

Chainlink price prediction: LINK to test $40 resistance

Chainlink’s price action is enjoying a sustained uptrend and recently broke through the $38.00 level, while LTC has approached the important $40 level. From a technical perspective, the short-term indicators and medium-term analysis show support for the uptrend. However, the low trading volume makes it difficult for the price to break through the $40 mark.

As such, traders should expect Chainlink to reach $40.00, with an upside breakout unlikely if speculation persists.

Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.

This source has been very much helpful in doing our research. Read more about chainlink price prediction $1,000 and let us know what you think.

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