The cryptocurrency market is fickle and unpredictable, and none more so than Chainlink. The token saw a massive price spike at the end of January. Since then, it has been slowly losing ground, about half of that initial value. Will Chainlink be able to bounce back in the near future? It’s hard to say, but if historical trends are anything to go by, then we can expect to see the coin moving up soon. See Also [ edit ]
Summary of the situation
- Chain link prices drop below $50
- The next support level is at $50.
- LINK is facing resistance at $52.
Chainlink’s share price eventually rose above the $45 level and a strong upward push pushed the share price above the $51 mark. LINK has seen a price increase of over 30% in the last seven days, indicating strong bullish dominance. However, this strong upward activity leaves room for volatile price action from Chainlink.
The broad crypto-currency market was bullish over the past 24 hours, with most major crypto-currencies posting gains throughout the time frame. Among the top performers were Ripple’s XRP and BNB, which rose 3.91% and 2.5%, respectively. Meanwhile, Bitcoin and Ethereum posted gains of 0.13% and 4.12%, respectively.
Technical indicators for LINK/USDT
As for the technical indicators, the MACD shows a decline in bullish momentum. Although the histogram is still green at the time of writing, its size has shrunk significantly as the price has started to struggle just below the 1.50 level. Although the 12-EMA is still above the 26-EMA, there is little difference between the two and they could show a reversal at any time.
The RSI is currently in neutral territory, just below the 60.00 mark and giving no signals. The indicator has been in the neutral zone for the past five days. Currently, the RSI has made a small jump into oversold territory, indicating increasing bearish sentiment at the current price level.
The Bollinger Bands are currently wide but are converging rapidly as bears take over the market dynamics. The convergence of the bands indicates a reduction in the volatility of the Polkadot price in the short term. However, if price consolidates above the midline, which is much closer to the upper boundary, price will tilt higher over the next few candles.
Overall, the technical analysis on the 4-hour chart gives a buy signal. 14 of 26 major technical indicators point to an upward movement. On the other hand, only two indicators are giving sell signals, indicating a bearish pullback. Meanwhile, ten indicators remain on the sidelines, not supporting either side of the market.
The 24-hour technical analysis confirms this assessment and also gives a buy signal, as 14 of the 26 indicators show upward movement and only four indicators show downward movement. Meanwhile, eight indicators remain neutral and give no signal at the time of writing.
What can we expect from chain link prices?
Chainlink’s stock price has reached resistance at $52.00, but short-term indicators show little upward momentum, making an upward breakout unlikely. Thus, we should expect Chainlink’s price to fall towards $50.00 if the price action consolidates at this level. A further decline could mean a drop to $48.00.
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Frequently Asked Questions
Will chainlink reach $100?
The future of Chainlink is incredibly bright and very few other cryptocurrency projects can match it. But what about Bitcoin? Bitcoin is incredibly popular, but unfortunately, Bitcoin has some problems that make it unsuitable for most businesses. Chainlink’s blockchain payment solution can connect diverse payment systems together and make them interoperable. Chainlink’s decentralized oracle network could be the key to allowing enterprises to move away from centralized systems, and that’s why it is so important. The Chainlink cryptocurrency team has been working tirelessly to develop their first mainnet product, the Chainlink Network. This network will connect smart contracts to payment data and APIs. The network will be open-source and decentralized, allowing the Chainlink team to distance itself from a centralized business model and instead focus on the development of its technology. This has led many to wonder: how high can the value of the Chainlink cryptocurrency climb? While no one can say for certain, some have speculated that the value of the cryptocurrency could even reach $100 or more.
What will chainlink be worth in 2020?
The price of any Cryptocurrency is always changing, and it can be difficult to figure out if it is something that you should get involved in. The most important part of that decision is to know where they currently stand and where they are going. If you can find a Cryptocurrency that has been gaining in value consistently, you might have something that is worth investing in and following. While some have been climbing in value the last few months, several are going down. The Chainlink price has been in a downward trend for the last few weeks, but it is unclear if they will continue to decline. Some believe that they will rebound and start their climb up again in the near future. We can almost hear you groaning from here. “Just what the world needs,” you say. “Another worthless cryptocurrency post.” If you’ve been following the market for any length of time, you know that it’s impossible to predict what any given coin will do. That’s why we’re breaking the mold and offering something different. We’re going to offer a prediction of whatwill happen. And we’re going to back up our prediction with cold, hard data. You’re a practical person. You want something tangible. You want to see the numbers. You want evidence.
What will chainlink be worth in 5 years?
Chainlink’s ICO was expected to raise around 20,000,000 USD. However, it reached its target within a few hours of opening. Its maximum hard cap was set at 33,000,000 USD. This makes it one of the most successful ICOs of its time. Based on the timeline in Chainlink’s whitepaper, there is plenty of room for growth. The price per LINK token has increased from $0.20 to $0.85 in just two months. Chainlink tokens are built on Ethereum, and they have a few uses. The first is paying smart contract creators for their work—in Chainlink’s case, they will be used to pay the oracles that provide the data needed to make smart contracts actionable. Instead of paying a centralized database that you have to trust to give you accurate information, you pay Chainlink’s decentralized network of oracles. You can then pay them in Chainlink tokens, and they can then pay for the data they need using the same tokens.
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