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Chainlink price analysis

Chainlink Price Set for 30% Comeback as New Data Stream Integrations Drive Growth

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1 month ago

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Chainlink price slightly increased by 0.3% to $10.5 on Saturday. The slowdown in recovery momentum can be attributed to Bitcoin pullback to $60000 and most major altcoins stabilizing after a mid-week rally. However, the aggressive expansion of the Chainlink network with new integrations could uplift its adoption and drive demand for LINK tokens.

The Synthetix Spartan Council unanimously voted in favor of integrating Chainlink Data Streams into Synthetix V3 on Arbitrum. This integration is set to enhance the performance, security, and reliability of markets on the Synthetix protocol. The decision marks a pivotal step forward for both Chainlink and Synthetix, highlighting the growing importance of reliable data streams in the DeFi ecosystem.

Moreover, Beefy Finance has recently upgraded to Chainlink Price Feeds to bolster the security of its Cowcentrated Liquidity Manager across multiple blockchain networks. This strategic move aims to protect users from flash loan exploits, market inefficiencies, and other potential vulnerabilities. 

These partnerships underscore the confidence of other Web3 projects in Chainlink for its ability to provide secure and reliable data services. The aggressive expansion into the Defi market should drive a natural growth of the LINK token.

This week, the cryptocurrency market showcased a relief rally as a cool-off from the recent sell-off. As the BTC price analysis shows a jump above the $60000 level, most major altcoins, including LINK, spark bottom formation to regain recovery momentum.

The Chainlink price rebounded from $9.44 to $10.6, registering a 12.38% growth, while the market cap boosted to $6.43 Billion. An analysis of the daily chart shows that the recent upswing forms another bull cycle within the long-coming wedge pattern.

The MACD (blue) and signal (orange) lines nearing a bullish crossover would signal the recuperating bullish momentum.

This chart setup is defined by converging trendlines, which generally indicate diminishing bearish momentum. With sustained buying, the recent reversal could push the LINK price 30% up to challenge the overhead trendline at $13.7.

Chainlink PriceChainlink Price
LINK/USDT Chart

On the contrary, the lower boundary of the Bollinger Band indicator in a down trajectory hints that it remains a dominant force in this asset. If the correction concern persists in the broader market, the Chainlink price prediction could signal a 15% downside risk to revisit $9 support.

Frequently Asked Questions (FAQs)

Chainlink’s recent price growth is driven by strategic integrations with platforms like Synthetix V3 and Beefy Finance, fueling demand for LINK tokens.

Technical analysis indicates that Chainlink’s price could increase by 30% due to the formation of a wedge pattern on the daily chart.

The $9.5-$9 stands as immediate support zone for discount buyers as backed by lower trendline of wedge pattern.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Avalanche price analysis

Avalanche & Chainlink Price To Rally With HashKey Listing In HK

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3 weeks ago

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August 28, 2024

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This week, the crypto market witnessed a selling pressure, which tumbled the Bitcoin price from $64500 to $58090, registering a 10% loss. The bearish shift triggered a correction trend across major altcoins, raising concerns of a prolonged downtrend into September. However, the AVAX and LINK price analysis shows recovery potential amid the listing announcement on Hong Kong’s HashKey Exchange. 

Hong Kong-based HashKey Exchange recently announced the listing approval of AVAX (Avalanche) and LINK (Chainlink) for retail investors. This move signifies the expansion of the web3 landscape in HK, which previously restricted retail trading to Bitcoin (BTC) and Ethereum (ETH).

Livio Weng, CEO of HashKey Exchange, noted, “ There may be many reasons for this acceleration, but the main catalyst may have been particularly when Trump expressed his intention to have Web3 happen in the United States.” in an interview with the South China Morning Post (SCMP).

Furthermore, this crypto exchange has revealed that it had submitted the third phase of the application for approval of tokens for retail traders. Amid this report, the AVAX and LINK prices managed to hold above key support levels of $24 and $11, respectively.

AVAX Price Analysis Signals Recovery to Target $30

On August 22nd, the AVAX price gave a decisive breakout from the resistance trendline of a falling wedge pattern. This pattern, characterized by two converging trendlines, signaled a steady correction trend for the past five months.

The post-breakout jump pushed the asset price to $28 high before reverting back to $24.5. With an intraday gain of 1.6%, the Avalanche price prediction shows sustainability above the 20-day EMA and the downsloping trendline of the wedge pattern as flipping support. If the pullback sustains, the AVAX price could rally to $1.33, marking a 34.4% potential gain, followed by an extended rally to $41.8.

Avalanche (AVAX) priceAvalanche (AVAX) price
AVAX/USDT – 1d Chart

If the Avalanche price analysis hints at a reversal within the wedge setup, the sellers could pull the asset back to $17.3 support.

The Chainlink price analysis shows the same falling wedge pattern formation in the daily time frame chart. On August 5th, LINK price rebounded from the pattern’s lower trendline, uplifting its value by 42.5% to reach $11.51, while the market cap jumped to $7B. 

Consequently, the buyers reclaimed the midline of Bollinger band indicators, suggesting an initial shift in market sentiment. As the LINK price witnessed a renewed buying pressure at $10.8 support, the buyers could drive a 17% upswing to challenge the pattern’s overhead trendline. A successful breach could drive an extended value to $19.2.

Chainlink ( LINK ) Price AnalysisChainlink ( LINK ) Price Analysis
LINK/USDT – 1d Chart

However, if the overhead trendline persists, the Chainlink price prediction could witness a prolonged downfall.

Frequently Asked Questions (FAQs)

The recovery potential for Avalanche and Chainlink prices is driven by the listing approval on Hong Kong’s HashKey Exchange

The crypto market experienced selling pressure, leading to a 10% drop in Bitcoin’s price from $64,500 to $58,090 and triggering a correction trend across major altcoins.

Avalanche is holding above the $24 support level, while Chainlink remains steady above $10.8 despite the market sell-off

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Chainlink Price

Chainlink Price Bearish Pattern Holds Despite Market Recovery—What’s Next?

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1 month ago

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August 20, 2024

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Chainlink price showed some strength in the past 24 hours as the entire market started to rise. However, technical analysis suggests the asset is still stuck in a broader bearish pattern. The price of Chainlink increased by 3.6% in the last 24 hours, and the price was traded at $10.50. The question remains whether the current general bullish market sentiment will be enough to turn the tide for Chainlink.

The disparity between Chainlink price and on-chain metrics is concerning. While a deep analysis of LINK open interest (OI) and price relationship reveals bullish sentiment among traders, on-chain metrics speak a different story—one that is bearish.

The Coinglass Crypto Derivatives Visualizer shows that LINK OI increased by 0.91% over the last 24 hours, and its price spiked by 3.88% in the same duration. When price and OI both rise, it signals that traders are opening Long positions, which is bullish for the asset’s price.

LINK IOLINK IO

However, a look at Chainlink’s real volume on Messari Research reveals the network is struggling. LINK on-chain volume hit a monthly low of $46.1 million, with an occasional anomaly spike on August 5, when the entire crypto market crashed.

LINK VolumeLINK Volume

This suggests that while both futures and spot traders are sustaining the price up, little is happening on-chain in terms of transactional operations. While this can be explained as Chainlink cornering institutional clients, the steady decline of on-chain volume is still worrying.

Chainlink price prediction shows the asset is in a bearish continuation pattern, known as a Bear Pennant.  This indicates that LINK may continue its downtrend after a period of consolidation.

If the price follows through with the Bear Pennant pattern, LINK will likely find support around the $10.49 level, but a break below this could push the price toward the next support near $9.00. Below that, a long-term support target could be set around $5.50, based on the flagpole’s projected downward height. This represents a 47% drop from the current price.

All the exponential moving averages (EMAs) are sloping and expanding downward, confirming the bearish sentiment. Chainlink price is also trading below all of them, reinforcing the downtrend.

The Stochastic RSI is currently in the overbought region, indicating that the asset might be due for a short-term pullback or continuation of the downtrend. The %K (RSI line) and %D (Signal line) are converging, suggesting a potential bearish crossover.

Chainlink Price Analysis ChartChainlink Price Analysis Chart
Chainlink Price Analysis Chart

If the LINK price breaks above $10.85, this could invalidate the Bear Pennant and bearish thesis. LINK would test the next major resistance at $12.04 and finally at $14.50

Frequently Asked Questions (FAQs)

The technical analysis suggests that Chainlink is stuck in a bearish continuation pattern, specifically a Bear Pennant, indicating a potential further decline.

On-chain volume for Chainlink has hit a monthly low of $46.1 million, with little transactional activity, which is concerning despite the price surge.

The exponential moving averages (EMAs) are sloping downward, and the Stochastic RSI is in the overbought region, suggesting the possibility of a continued downtrend.

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Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Chainlink Price

Can a Push for $16 Overcome Bearish Pressure?

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2 months ago

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August 1, 2024

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Chainlink price has been declining since its peak in March despite several market-moving events. During the Bitcoin Conference week, the LINK price initially rose by 7%, only to lose all its gains in the subsequent three days.

The price of LINK has dropped by 3.9% in the last 24 hours and is trading at $12.82. This is likely due to the data from yesterday’s FOMC meeting. The Fed’s decision to leave interest rates untouched may have resulted in a market-wide dip. Chainlink needs to cool down before it can run for $16. 

LINK price is currently trending downward within a falling wedge pattern. The price action is also below the 50-day (green line) and 200-day (black line) exponential moving averages (EMA), indicating bearish momentum. However, the falling wedge is a bullish reversal pattern, which signals a potential breakout to the upside.

The main support levels for LINK price are $11.4 and $10. The former aligns with the lower boundary of the falling wedge, while the latter represents significant historical support below the market structure. On the flip side, Chainlink sports major resistance levels at $13.92 (50-day EMA), $14.78 (200-day EMA), and $16.00, which coincides with the upper boundary of the falling wedge.

On June 28, the Chainlink price chart flashed a death cross on the daily timeframe chart, signalling the beginning of a potential bearish trend. Recent candlestick formation indicates a consolidation phase near the $11.4 support level, suggesting LINK price may drop 11% before engaging a bullish reversal within the wedge.

The Relative Strength Index (RSI) is at 48.45, indicating a neutral stance but leaning towards bearish territory. However, it is near the oversold region, suggesting potential for upward movement. The Chaikin Money Flow (CMF) is at 0.07, indicating positive money flow and modest buying pressure.

Chainlink Price Analysis
Chainlink Price Analysis cHART

The Chainlink price forecast shows that if it slips below $10 and fails to recover above it, it would signal market weakness. The LINK price would establish a lower low, signalling a market shift and invalidating the bullish thesis supported by the falling wedge pattern. The price of Chainlink may find further support below around $8.11.

Data from IntoTheBlock shows Chainlink whales have been steadily accumulating tokens for the past two months. The spikes show days when whales deposited large amounts of LINK, while the dips show when whales transferred Chainlink tokens out. A comparison of the spikes and dips shows Whale inflow was relatively larger than outflow, indicating they may be accumulating for a potential price breakout.

Data from Coingecko shows the trading volume is slightly up by 4% and relatively stable, with occasional spikes during both upward and downward movements. A significant increase in volume would be needed to confirm a breakout from the falling wedge pattern. If the volume fails to increase, the Chainlink price bullish thesis may be invalidated, resulting in a break lower.

Frequently Asked Questions (FAQs)

LINK is trending downward within a falling wedge pattern. This pattern typically signals a potential bullish reversal, but the price is currently below both the 50-day and 200-day exponential moving averages, indicating bearish momentum.

The Federal Reserve’s decision to keep interest rates unchanged contributed to a market-wide dip, including a 3.9% drop in Chainlink’s price over the past 24 hours.

Data shows that Chainlink whales have been accumulating tokens for the past two months, with larger inflows compared to outflows. This accumulation might indicate preparation for a potential price breakout.

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Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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