In this Chainlink (LINK) price prediction 2023, 2024-2030, we will analyze the price patterns of LINK by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Chainlink (LINK) Current Market Status/h2
LINK Current Market Status (Source: CoinMarketCap)h2 What is Chainlink (LINK)/h2
Chainlink is a blockchain-based cryptocurrency network. Chainlink provides a link between the real-world and smart contracts. Multiple subcontracts can be generated in Chainlink, which also takes data from only the most trusted nodes and oracles for premium accuracy.
Moreover, LINK is the digital belonging token used to pay for services on the Chainlink network. LINK can be bought and sold for traditional currency or other digital currencies. Through cryptocurrency exchanges, LINK can be purchased and stored in a crypto wallet and custodian like Gemini.
h3 Chainlink 24H Technicals/h3
(Source: TradingView)
h2 Chainlink (LINK) Price Prediction 2023/h2
Chainlink (LINK) ranks 12th on CoinMarketCap in terms of its market capitalization. The overview of the Chainlink price prediction for 2023 is explained below with a daily time frame.
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The above chart of Chainlink (LINK) laid out an ascending broadening wedge pattern. An ascending broadening wedge is a bearish chart pattern. It is formed by two diverging bullish lines. An ascending broadening formation forms an inverted triangle shape in the price chart. In ascending broadening wedge structure, the price makes a low and rises. The price must touch both the upper and the lower trend lines three times in an uptrend movement, with the resistance line rising more steeply than the bottom line, to confirm the pattern.
While the pattern is forming, volume rises significantly when the price line breaks the support line.It is a bearish reversal pattern that forms in the uptrend. In an ascending wedge pattern, the price fluctuates between the upper resistance line and the lower support line.
At the time of analysis, the price of Chainlink (LINK) was recorded at $14.31. If the pattern trend continues, then the price of LINK might reach the resistance levels of $15.032 and $28.642. If the trend reverses, then the price of LINK may fall to the support of $8.390, and $5.903.
h2 Chainlink (LINK) Resistance and Support Levels/h2
The chart given below elucidates the possible resistance and support levels of Chainlink (LINK) in 2023.
LINK/USDT Resistance and Support Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as resistance and support levels of Chainlink (LINK) for 2023.
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Bitcoin (LINK) are shown in the chart below.
LINK/USDT RVOL, MA, RSI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the current Chainlink (LINK) market in 2023.
In the below chart, we analyze the strength and volatility of Chainlink (LINK) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
LINK/USDT ADX, RVI (Source: TradingView)
From the readings on the chart above, we can make the following inferences regarding the price momentum of Chainlink (LINK).
h2 Comparison of LINK with BTC, ETH/h2
Let us now compare the price movements of Chainlink (LINK) with that of Bitcoin (BTC), and Ethereum (ETH).
BTC Vs ETH Vs LINK Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of LINK is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of LINK also increases or decreases respectively.
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Chainlink (LINK) between 2024, 2025, 2026, 2027, 2028, 2029 and 2030.
h3 Conclusion/h3
If Chainlink (LINK) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Chainlink (LINK) price prediction for 2023 is $23.134. Comparatively, if unfavorable sentiment is triggered, the bearish Chainlink (LINK) price prediction for 2023 is $5.069.
If the market momentum and investors’ sentiment positively elevate, then Chainlink (LINK) might hit $30. Furthermore, with future upgrades and advancements in the Chainlink ecosystem, LINK might surpass its current all-time high (ATH) of $52.88. and mark its new ATH.
This content was originally published by our partners at The News Crypto .
Written By:
The News Crypto
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