Chainlink Price Prediction: LINK bulls gear up for 60% rally
|- Chainlink price is close to breaching a key hurdle at $7.59.
- A successful flip of this critical resistance level could trigger a rally that yields 30% to 60% gains.
- This bullish thesis will be invalid if LINK breaks below the $5.53 support level.
Chainlink price has been trading broadly sideways for more than a year. However, the sweep of a key level has kickstarted a rally that is currently at a key hurdle at $7.59. A breach of the said blockade will likely allow LINK bulls to extend their run-up.
Also read: Chainlink price being negatively correlated to Bitcoin results in profits for LINK holders
Chainlink price ready to recover losses
Chainlink price created the $5.53 to $9.66 range in May and June 2022, and since then the altcoin has been trading inside it. After a sweep of the $5.53 level on June 5, LINK triggered a 77% rally from $4.76. Although the Oracle token managed to flip the midpoint briefly, it failed to sustain its ascent.
Now, Chainlink price trades around the midpoint of the aforementioned range at $7.59. The Relative Strength Index (RSI) and the Awesome Oscillator (AO) have both flipped above their respective mean levels at 50 and zero, indicating a resurgence in bullish momentum.
A successful retest or a pullback would be in the bulls’ favor. A dip would be bought by sidelined buyers, hoping to ride the next Decentralized Finance (DeFi) wave. Therefore, investors should keep a close eye on Chainlink price, which could trigger a nearly 30% ascent to retest the range high at $9.66. In an even more bullish case, LINK could tag $11.92 – which is a high timeframe barrier – and register gains of almost 60%.
LINK/USDT 1-day chart
While the weekly chart exudes optimism, investors need to watch for Chainlink price rejection at $5.53 to $9.66 range’s midpoint at $7.59. If LINK continues its descent without a rescue from buyers, it would signal a shift in investor sentiment.
If Chainlink price flips the $5.53 support level into a resistance, it would create a lower low and invalidate the bullish thesis. Such a development could lead to a revisit of the June 5 swing low at $4.76, which would represent an around 35% decline from current price levels.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.