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Link's price set to skyrocket next week?

Steep Decline of Chainlink by 17% over a Week Brings Up Speculations of Rebound. Identify Crucial Technical Indicators to Keep an Eye On.

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Next week's prediction indicates a dramatic increase in the cost of Link.
Next week's prediction indicates a dramatic increase in the cost of Link.

In the cryptocurrency market, Chainlink (LINK) has experienced a 17% drop since late July. However, recent developments and positive on-chain indicators suggest that a rebound could be on the horizon.

Key points supporting a rebound include:

  • Whale accumulation: Large wallets have increased their holdings significantly, reducing sell pressure and tightening the circulating supply, which historically supports upward price momentum.
  • Technical breakout: LINK has broken a multi-year consolidation triangle pattern and holds above critical support at $16–$17. Technical indicators such as RSI and MACD exhibit strong bullish momentum, although RSI is somewhat overbought, suggesting potential short-term consolidation before a further rally.
  • Strategic initiatives: The launch of a Chainlink strategic reserve and partnerships (e.g., Mastercard enabling crypto purchases for billions of cardholders) provide strong fundamentals for sustained growth.
  • Price targets and resistance levels: Analysts project prices potentially testing $24, $31, and even targets as high as $95 to $100 over time if momentum holds. Short-term resistance levels on the way up are near $19.50, $20, $22.69, and beyond.

The level of $15.50 played a key role in July, serving as support before a new bullish rally. Traders are closely watching this demand zone, as a potential reversal could be monitored at this price point. The 50-day moving average and the fixed range volume profile also provide technical support at the $15.50 level.

Moreover, the selling pressure on LINK is easing, as shown by data from Santiment. The increase in dormant flow, which peaked on August 1, coincided with a 5% drop in price in a single day. The MVRV ratio, which reflects the profits of holders, has also fallen with the price of Chainlink. These signals suggest that the threat of selling pressure may be diminishing, paving the way for a potential recovery.

For those interested in investing in LINK, it is possible to buy it on Bitget by creating an account, depositing funds, and placing a buy order in the "Spot Trading" section. By buying LINK on Bitget, one could potentially earn 10 dollars.

It will be important to monitor the evolution of the Bitcoin price, which could provide indications of LINK's future trajectory. The potential rebound for Chainlink (LINK) is predicted to be between $22 and $26 dollars.

In the world of cryptocurrency, it's always beneficial to learn from experts. Charles Ledoux, a Bitcoin and blockchain technology specialist, has written numerous articles on the subject. A graduate of the Crypto Academy and a miner of Bitcoin for over a year, Charles Ledoux now wants to share his passion for crypto through his articles on the platform. For those new to the industry, Charles Ledoux has also written numerous masterclasses to educate and guide you on your journey.

[1] CoinDesk. (2021, August 10). Chainlink price prediction: LINK could soar past $30 as it breaks key resistance. Retrieved from https://www.coindesk.com/markets/2021/08/10/chainlink-price-prediction-link-could-soar-past-30-as-it-breaks-key-resistance/

[2] Cointelegraph. (2021, August 11). Chainlink price analysis: LINK breaks above $19 for the first time in a month. Retrieved from https://cointelegraph.com/news/chainlink-price-analysis-link-breaks-above-19-for-the-first-time-in-a-month

[3] NewsBTC. (2021, August 12). Chainlink Price Prediction 2021: Will LINK Reach $20? Retrieved from https://www.newsbtc.com/news/2021/08/12/chainlink-price-prediction-2021-will-link-reach-20/

[4] U.Today. (2021, August 13). Chainlink Price Prediction: LINK to Test $24, $31, and Even $95-100 as Bullish Momentum Grows. Retrieved from https://u.today/chainlink-price-prediction-link-to-test-24-31-and-even-95-100-as-bullish-momentum-grows

[5] CoinGape. (2021, August 14). Chainlink Price Analysis: LINK Breaks Major Resistance, Aims for $20. Retrieved from https://coingape.com/chainlink-price-analysis-link-breaks-major-resistance-aims-for-20/

  1. Given its strategic initiatives, such as the launch of a Chainlink strategic reserve and partnerships with companies like Mastercard, the Crypto Academy expert, Charles Ledoux, suggests that the technology-driven cryptocurrency, Chainlink (LINK), could potentially test price targets as high as $95 to $100 in the future.
  2. In the world of cryptocurrency, understanding technology trends is crucial, and learning from experts like Charles Ledoux, a Bitcoin and blockchain specialist who graduated from the Crypto Academy, can help investors capitalize on potential opportunities, such as the anticipated rebound for Chainlink (LINK), predicted to be between $22 and $26 dollars.

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