Analyst Forecasts Chainlink (LINK) To Fall Below $10 Following Massive Price Surge
28 Ottobre 2023 - 1:57PM
NEWSBTC
Chainlink (LINK) has emerged as one of the top cryptocurrencies in
the last week following an impressive market performance which saw
the token gain by 46.49% in the past seven days. Even amidst whale
movements, which suggest that investors are taking profit, LINK has
managed to maintain its bullish momentum, gaining by 6.10% in the
last day to above the $11 mark. However, despite the positive
sentiment that has currently overwhelmed the LINK market, some
analysts believe the token may be due for a major
retracement. Related Reading: Chainlink (LINK) Surge Far From
Done As Crypto Analyst Predicts Rise To $15 LINK To Fall Below $10:
Is The Bullish Run Over? In a post on X on Friday, crypto analyst
Altcoin Sherpa shared a prediction that LINK may soon experience a
price dip, falling as low as $9.50. However, Altcoin Sherpa
notes that this potential price loss may not spell the end of
LINK’s bullish phase. In fact, the analyst describes the token’s
price coming down as “healthy.” According to Sherpa’s
prediction, LINK’s slide below $10 could simply be a price
recorrection before the token resumes its upward
trajectory. If this forecast proves true, many traders could
view this $9.50 region as a great entry zone. Interestingly,
Cryptonary, another analyst on X, has recently shared a similar
price prediction. In a post on Thursday, Cryptonary called for much
caution in the LINK market, stating the crypto asset may not
sustain its current high price levels for long. To back up
this forecast, the analyst states the Relative Strength Index (RSI)
shows that Chainlink is currently in the overbought zone, which
indicates a price pullback lies on the horizon. Although many
traders have opened long positions on LINK as indicated by the
market’s positive funding rates, Cryptonary has advised investors
against “joining the crowd” Similar to Altcoin Sherpa, the analyst
predicts LINK’s price to fall to $9.67 for a short-term
retracement. However, with strong selling pressure, Cryptonary
states that LINK could trade as low as $8. At the time of
writing, LINK trades around $11.54 with a 0.25% gain on the last
day. Meanwhile, the token’s trading volume is up by 8.01% and
valued at $824.92 million. Related Reading: Chainlink MVRV
Enters Bearish Zone As LINK Breaks $10, Correction Soon? Chainlink
Records Partnership Streak In other news, Chainlink recently shared
with the crypto community its streak of collaborations with major
traditional brands in promoting the adoption of blockchain
technology. #Chainlink is collaborating with key players across the
global economy: 1. Swift—Standard messaging network for 11K+ banks
2. DTCC—World’s largest securities settlement system, processing
$2+ quadrillion annually 3. ANZ—Leading Australian bank with $1T+
in AUM 4. Vodafone… — Chainlink (@chainlink) October 27, 2023 In a
thread posted on X on Friday, the blockchain highlighted its
partnership with the Swift payment company aimed at facilitating
the seamless transfer of tokenized assets across multiple chains
using Chainlink’s Cross Chain Interoperability Protocol
(CCIP). In addition to Swift, Chainlink also discussed its
partnership with the Depository Trust and Clearing Corporation, the
Australia and New Zealand Banking Group Limited, and Vodafone
Digital Asset Breaker (DAB). LINK trading at $11.569 on the daily
chart | Source: LINKUSDT chart on Tradingview.com Featured image
from iStock, chart from Tradingview
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