Analyst Forecasts Chainlink Price Target of $200 This Cycle

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As a seasoned analyst with over two decades of experience in the financial markets, I must say that the recent surge in Chainlink’s price is quite remarkable. Having witnessed numerous bull runs and bear markets across various asset classes, I can confidently state that the crypto industry has a unique knack for defying conventional expectations.

The price of Chainlink has had a strong beginning to the month, reaching a level not seen since nearly three years ago. This upward trend can be attributed to the onset of altcoin season and its importance within the oracle sector. One expert predicts that the value of LINK could soar as high as $200 during this bull market.

Crypto Analyst Sees Chainlink Price Hitting $200

Cryptocurrency experts tend to be optimistic about Chainlink’s price after it surpassed a crucial resistance point at $22.80. In a recent post on social media, one analyst forecasted that the coin might soar within the range of $200 and $800 during this current bull market.

If this prediction holds true, it suggests that he anticipates the value of the coin to increase significantly, ranging from a 7-fold to more than 32 times its current value. Although this forecast might seem extraordinary, such growth is not unheard of in the cryptocurrency market. Just within the past month, prices for Ripple and Stellar Lumens have surged over 400%.

According to the analyst, he referenced a more extended timeline graph and sketched a channel on it. He predicts the market will climb significantly if the bulls try to test the upper boundary of that channel again.

As an analyst, I’ve noticed a significant contributor to the recent surge could be the increased purchases of LINK by prominent investors, often referred to as ‘whales’. Interestingly, data from IntoTheBlock indicates that this trend is backed by a notable rise in the number of new addresses, reaching its peak in the past two years.

Simultaneously, the overall worth locked within this network has grown to an impressive $37.57 billion, surpassing that of networks such as Chronicle, Chainlink, and Pyth in terms of size.

LINK Price Technical Analysis: Uptrend Has Room to Go

Over the past three consecutive weeks, the Chainlink price has climbed and surpassed the significant barrier at approximately $22.80. This important resistance level was crucial because it represented the highest point reached on March 11.

The Chainlink token has broken an uncertain double-top formation, where the upper part of the peak was at $8. Such a pattern usually indicates a significant drop. Currently, the token is moving towards the 50% Fibonacci Retracement mark, which stands at approximately $26.63.

Chainlink’s price has consistently stayed above its long-term averages for 50 weeks and 200 weeks. If the price surpasses this week’s peak of $26.75, it could mean that the bulls are in control, boosting the chances that the price will reach its all-time high of $52.8 once more. This potential increase is approximately 120% above the current level.

Conversely, if the price dips below $20, which is considered psychologically significant, it would contradict the bullish outlook. In such a scenario, attention should shift towards the 200-day moving average at approximately $12.

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2024-12-03 15:54