Chainlink Price Forecast: LINK Price Poised for Major Upswing, Strong Buy Signal

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Chainlink (LINK) has experienced a surge in bullish sentiment, rebounding strongly from the $5 support level and achieving a gain of over 20% in the past week.

The altcoin’s technical outlook has shown notable improvement, as demand and accumulation have increased. Furthermore, the overall strength of the broader market has played a significant role in driving the upward movement of LINK’s price. Is LINK poised for major upswings soon?

Chainlink Activity Surges, LINK Displays Bullish Trends

Recently the activity of addresses on the Chainlink network has seen a 10% increase, pointing towards heightened user engagement and on-chain activity.

Additionally, the bid-ask volume imbalance indicates a 7% advantage for bulls, signalling a stronger demand for LINK than its available market supply.

The bullish trends of Chainlink are being driven by the rapid growth of the decentralized finance (DeFi) sector, which plays a vital role in its success. DeFi platforms actively seek to incorporate real-world data into their smart contracts, and Chainlink’s oracles have emerged as an indispensable tool for fulfilling this need.

🏗️ #ChainlinkBUILD 🏗️@OfframpXYZ is joining Chainlink BUILD to gain enhanced access to Chainlink's industry-leading oracle services and technical support, which helps support the security & use of its decentralized on/off-ramp for Web3.

In return, Offramp will make 4% of its… pic.twitter.com/B3cKrtFZ2S

— Chainlink (@chainlink) June 27, 2023

Consequently, there has been an increase in the usage of Chainlink, leading to a positive impact on the price action of LINK. The expanding DeFi ecosystem is anticipated to drive demand for Chainlink’s oracle services further, potentially propelling LINK’s price even higher.

Although the Chainlink (LINK) ecosystem has witnessed significant advancements and important integrations, generating optimism among its community regarding the potential growth of LINK’s market value, investors have experienced disappointment as the price of Chainlink (LINK) has declined by more than 18% in the past month.

LINK Enhances Blockchain Infrastructure

Pawnfi, an NFT marketplace aggregator and lender, has revealed its integration of Chainlink (LINK) Price Feeds. This integration aims to provide reliable and accurate price data for the NFT marketplace.

Additionally, DTMP (Digital Token Money Market Protocol) has partnered with Chainlink (LINK) to enhance its security using Chainlink’s industry-leading oracle service. This collaboration will improve the overall security and reliability of DTMP’s operations.

Previously, QuickNode had also partnered with Chainlink (LINK) to offer a dependable and secure infrastructure that facilitates the scalability of blockchain projects. This collaboration is designed to support the growth and expansion of various blockchain applications by providing reliable infrastructure services.

LINK Price Analysis, LINK Signals Bullish Trend

The bullish indicators have also had an impact on Chainlink’s price action. In recent weeks, the price of LINK has undergone a substantial rally, experiencing a 17.9% increase since reaching its local bottom. This upward trend signifies renewed interest from investors and marks the conclusion of the bearish phase that had affected the token for several months.

At press time, the price of Chainlink (LINK) is trading at $6.23, with a 24-hour trading volume of $161,960,919.06. This indicates a 2.13% price increase within the last 24 hours and a 22.93% price increase over the past 7 days. With a circulating supply of 520 Million LINK, the market cap of Chainlink is valued at $3,222,758,098.

Chainlink Price Prediction – LINK/USD Technical Chart Analysis

LINKUSD Chart Analysis. Source: Tradingview.com

LINK has broken the bearish trendline, trading slightly above the line. The price had declined to hit the support level of $5.13. However, the bulls have withdrawn from the support level, pushing the price up towards its former resistance level of $7.2.

Additionally, the price has broken the 50-day moving average. LINK might also surpass the 200-day moving average if the move picks up well. Meanwhile, a critical support level at $7.2 may force the price of LINK to decline shortly before it shoots to new levels. Furthermore, the relative strength index trades above the 50 level at 60, indicating a strong bullish move on the LINK price.

Based on the recent activities and the technical analysis above, LINK is biased toward a bullish trend. If the price breaks above the 200-day moving average, we predict LINK will hit $8.82.

LINK Alternative

As LINK continues its bullish move, investors seek alternatives with great returns. Ecoterra presents this opportunity for investors. The community-led initiative Ecoterra is rapidly gaining traction and gathering growing support.

The project’s cryptocurrency has achieved another remarkable milestone, surpassing $5.5 million in presale funding. Its continuous momentum will swiftly cross the $5.7 million mark, propelling it into the next phase of coin listing.

🚀 Incredible news: @ecoterraio has achieved another milestone

🎉 $5,450,000 RAISED 🎉

We're getting closer to the app demo release and making strides towards a sustainable future ♻️💚

Stay tuned for more updates and join our #Presale now ⬇️https://t.co/1fYkPOsPYG pic.twitter.com/RTklluWotC

— ecoterra (@ecoterraio) June 26, 2023

The project’s tremendous success can be attributed to the immense interest it has generated within its expanding community. Ecoterra stands balanced and well-equipped to tackle pressing environmental challenges.

A key feature of Ecoterra is its Recycle2Earn model (R2E), designed to reward individuals for actively participating in recycling initiatives. By leveraging blockchain technology, Ecoterra utilizes its native currency, $ECOTERRA, within its reward program for users and participating organizations. Moreover, the platform incentivizes companies engaged in recycling operations by offering various cryptocurrencies as rewards.

⏳⚠️ Only 1 DAY LEFT of Stage 8 for the $ECOTERRA #Presale! ⚠️⏳

Current price: 1 $ECOTERRA = $0.00925 ⚡️
Last stage price: 1 $ECOTERRA = $0.01 🚀

Join the #Presale before everyone else does! Get in early and secure your tokens now 🎉 https://t.co/1fYkPOsPYG pic.twitter.com/expvZelt0v

— ecoterra (@ecoterraio) June 27, 2023

Currently priced at $0.00925, ECOTERRA is rapidly approaching its listing price of $0.01 with only 1 day left in its current presale stage. This presents a great opportunity for investors to join the platform and position themselves to benefit from its future value appreciation. Furthermore, investors can buy Ecoterra by exchanging it for ETH, USDT, or CARD.