Chainlink (LINK) Surges 9%: Analyst Forecasts Next High Target

CHAINLINK Link

Chainlink (LINK) did really well this week, going up by 21.3%. Some experts say it’s worth watching and seeing how it does over time.

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Chainlink teamed up with Avalanche and the Australia and New Zealand Banking Group to link the Avalanche and Ethereum blockchains using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).


Chainlink’s Positive News and Price Surge

Partnership and Positive Sentiment: Recently, Chainlink announced a partnership with Avalanche and the Australia and New Zealand Banking Group. This news was well received by the crypto community, with many expressing positive sentiments towards the collaboration and Chainlink’s token. This positive sentiment seemed to have a direct impact on LINK’s performance, as the token’s price surged by 9% in the last 24 hours.

Trader’s Analysis and Prediction: Crypto analyst and trader, The Lord of Entry, shared insights on LINK’s recent performance. According to the trader, LINK showed strong performance by breaking above the $18.5 resistance level. Over the past week, Chainlink’s token had been unsuccessfully testing this resistance zone since falling below it on March 18.

Price Movement and Targets: Following its upward trajectory, LINK surpassed the $18.5 price and even surged above the $20 mark in the early hours of Tuesday. However, it faced resistance near the $20.5 range. The trader predicts that if the token can break above this level and turn it into a support zone, the next significant target for LINK would be the $28 price range.

Current Status and Testing New Levels: As of the latest update, LINK tested this new resistance level twice in the past hour. During the first attempt, the token reached $20.6, and in the second attempt, it briefly surpassed the $20.7 price range. However, the token momentarily failed to flip the resistance zone and fell below $20.5 again.

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Chainlink’s Recent Performance and Analyst Insights

Price Surge and Increased Interest: Despite recent failed attempts, LINK’s price surged by 9% in the past 24 hours, indicating growing interest in the token. Market activity also spiked by 55.19% within the same timeframe, with a daily trading volume reaching $539.9 million.

Market Capitalization and Ranking: Chainlink’s market capitalization increased by 8.16% in the past day, reaching $12.02 billion. This positions Chainlink as the 14th-largest cryptocurrency by market capitalization, according to CoinMarketCap data.

Impressive Yearly Performance: Over the past year, LINK has demonstrated remarkable growth, boasting a performance of 182.6%. In light of this, crypto analyst Altcoin Sherpa shared insights on LINK, suggesting it’s not ideal for active trading. Instead, Sherpa recommends treating LINK as a “buy and hold” asset, noting its reliability and strong long-term performance.

Analyst’s Perspective: Altcoin Sherpa views LINK as fundamentally robust and one of the best tokens based on its long-term performance. The analyst predicts that the token’s price will likely consolidate for a bit longer before making its next significant move.

Chainlink hits $20.6 in the 3-day chart chart. Source: LINKUSDT on Trading.view.com 


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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