As a seasoned crypto analyst with over a decade of experience in the financial markets, I’ve seen my fair share of bull runs and bear markets. The recent dip in Chainlink (LINK) price doesn’t faze me, as it’s just a temporary setback before the next leg up.
The price of Chainlink is headed for its first weekly decline in a month, as the overall surge in the cryptocurrency market temporarily slowed down. This dip is similar to what other altcoins like Ethereum and Cardano have experienced. However, certain analysts are optimistic that the LINK price will rebound following this market correction, with some even predicting it could reach $100 when the turbulence subsides.
Crypto Analyst Explains Why Chainlink Price Will Hit $100
On Wednesday, the price of LINK was approximately 17% lower than its peak this month, trading at $22.65. However, crypto analyst Rocko, who’s well-known in the WSB community, expressed in a post that Chainlink could potentially reach $100 during this bull run. This would represent a significant increase of 354% from its current price.
Rocko indicated the recent news that Chainlink had been chosen to offer oracle services to Coinbase, America’s leading exchange. Subsequently, he highlighted that Chainlink was also picked by prominent entities such as Swift, DTCC, BNP Paribas, Citigroup, Franklin Templeton, UBS, and Vontobel.
According to a different expert’s analysis, one factor that could drive up the price of LINK is its potential integration into the Swift network. This global network, owned by banks, processes more than $150 trillion annually. The analyst predicts that Chainlink’s market capitalization could reach over half a trillion dollars in the long run.
Simultaneously, the quantity of Chainlink held on exchanges is decreasing, suggesting that numerous investors are choosing to keep it in their personal wallets or use it for staking purposes.
LINK Price Analysis: Target $40 Before Hitting $100
As a crypto investor, I’ve noticed that the weekly chart indicates a robust technical outlook for Chainlink, suggesting its bullish trend will persist. It’s formed a ‘cup’ pattern, where the upper rim was around $22.64. This cup shape occurs when there’s a rounded bottom in the price movement. Currently, LINK has completed the handle portion of this Cup and Handle pattern, which typically precedes an upward breakout.
To determine a profit goal in a C&H pattern, start by calculating the depth of the cup. Afterward, move an equal distance from the top edge of the cup. In this instance, measuring 77% from the cup gives us a target of $40.8, which aligns with the 23.6% Fibonacci Retracement level. Put simply, to find the profit objective in a C&H pattern:
To reach a price of $100, it must initially surpass that point. Subsequently, it must exceed its previous record high at $52.90.
If Chainlink’s price falls below the lower end of its handle (around $8.4), this bearish prediction would no longer hold true. Such a fall could indicate further decreases, possibly reaching as low as $1.
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2024-12-11 15:14