Chainlink Price Prediction: LINK Cracks $6 Barrier – What's Triggering the Momentum?

Chainlink Price Prediction: LINK Cracks $6 Barrier – What’s Triggering the Momentum?

Updated: 02 May 2024

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Chainlink’s price has crossed the $6 mark, pumping more than 3.5% over the last 24 hours at the time of writing. The token’s upward surge, combined with positive sentiments from prominent analysts like Ben Armstrong on Twitter, has investors eyeing LINK as one of the best cryptos to accumulate in the next bull market.

How is LINK Fairing in the Crypto Market?

The live LINK price is $6.07, with a 24-hour trading volume of $226 million. The coin’s current Coinmarketcap rating is #19, with a live market cap of $3.27 billion.

With a total supply of 1 billion LINK, the coin has a circulation of 538 million.

Chainlink’s Favorable Premise

As a blockchain abstraction layer that promotes interconnected smart contracts, Chainlink first appeared in 2017. The decentralized oracle network enables safe communication between blockchains and external data feeds, events, and transactions.

Chainlink places a high emphasis on decentralized participation and network growth. A robust open-source community supports it, including data producers, node managers, engineers, and auditors.

LINK’s initial coin offering (ICO) in late 2017 had a starting price of $0.11. Its value significantly increased during the 2020 cryptocurrency bubble, peaking at $52.88 on May 10, 2021.

The platform’s stable services and competitive edge have significantly increased market capitalization to $4 billion, securing billions of dollars in decentralized apps (DApps) in less than three years.

Chainlink Price Analysis: Decoding the Thrust

Since hitting a high of $7.7 last month, LINK has been steadily declining. The coin, however, has seen a positive comeback over the previous three days and is currently trading above $6.00.

As LINK climbed beyond the $6.00 barrier, our Chainlink price analysis for August 30 reveals that buyers are in a buying frenzy. The rising trade volume reflects a strong market attitude and has supported the bullish movement for the coin.

On the LINK/USD daily chart, the price still moves downward with lows of $5.86 and highs of $6.30. The increase in daily trading volume today shows that purchasers are adamant about maintaining a price over $6.00.

Conversely, the bulls encountered a strong resistance at the $6.30 level and corrected lower towards the $6.00 level. For now, the market’s perception of LINK is still pessimistic. LINK will need substantial bulls to cross the multiple resistance levels for a more significant gain and stabilize above $6.00.

A bearish trend can also be seen in technical indicators like the MACD and Relative Strength Index (RSI). As the RSI shows, there is still some possibility for growth, currently trading at 37. Further buying pressure may break it to above 50.

Whether LINK can overcome such resistance depends on its market cap and overall volume, which are not bullish at the time of writing.

The Bollinger Band indicator has remained wide, indicating market volatility. The MACD remains bearish with reversal signals, and the MACD line remains below the signal line, indicating a weak bullish bias.

The hourly chart reveals that bulls have gained market control, pushing the price to $6.50. The RSI also suggests a positive turnaround as it rises to 51, indicating neutral conditions.

Chainlink Price Bullish Prediction on Twitter

Noted crypto analyst Ben Armstrong was quoted by Twitter page Whale, suggesting a bullish prediction for XRP, DOGE, and LINK. Armstrong called them the best cryptocurrencies to accumulate right now.

Ben Armstrong aka “BitBoy Crypto says $XRP, $DOGE, and $LINK are his top 3 altcoins to accumulate this bear market.

Do you agree?

— WhaleFUD (@WhaleFUD) August 27, 2023

On August 17, analyst and trader Michael van de Poppe tweeted that the LINK’s trajectory shows little change and is accompanied by significant resistance just slightly above the $8 mark.

Considering these aspects, it is difficult to say whether LINK will sustain its bullish momentum and surpass the $6.50 level soon.

For investors looking to place their money on a more rapidly growing coin, Wall Street Memes emerges as a more promising alternative.

Wall Street Memes Token: Strong Fundamentals and Exciting Presale

With approximately $25 million in initial funding, Wall Street Memes distinguished itself as a prominent player in the 2023 memecoin presales. The project has entered its 30th and final presale round, generating excitement and anticipation.

Given the project’s deliberate planning for its eagerly awaited launch on some top-tier exchanges, Wall Street Memes is anticipated to witness large trade volumes and a noticeable increase in market activity soon.

A recent substantial investment by a crypto whale, who pumped $1 million into Wall Street Memes (WSM) during the early August presale, adds to the buzz. The same whale had invested 93 ETH in WSM two weeks prior, demonstrating their strong belief in the coin’s ability to generate a good return on investment.

Furthermore, prominent crypto figures have openly supported WSM on popular platforms, including YouTube. The Wall Street Memes token has maintained a stable price trajectory throughout its presale voyage, displaying a resiliency that testifies to the project’s unwavering dedication to equitable distribution.

This effectively addresses concerns about price manipulation by any concentrated investment group.