ChainLink Prediction: Analyst Sets Price Target For LINK

Vinod Dsouza
Source: Pixabay

ChainLink has been faring well this month after rising nearly 15% in the last two weeks. The crypto had reached a weekly high of $9.39 and displayed bullish sentiments in the indices. However, LINK clawed back in price and is currently trading at $8.60. The last time LINK reached $8 was in May 2022, and the crypto is now at its 3-month high. Crypto analyst Michaël van de Poppe revealed to his more than half a million Twitter followers that he is bullish on ChainLink. The expert provided a price prediction for ChainLink after it jumped 35% from $7 to $9.50 monthly.

LINK’s 90-day chart also shows a steady rise from July onwards, indicating it could reach double digits soon.

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ChainLink Price Prediction: How High Can LINK Go?

The expert predicts that ChainLink needs to consolidate in price this week after reaching a weekly high of $9.39. However, he claimed that LINK will hold on to its resistance levels of $8 and might catapult thereon.

According to Poppe, ChainLink is expected to reach a target of $12, and now is the right time to take an entry position in it.

“LINK This is going according to plan. Made a 35% run from $7 to $9.50 and needs to consolidate as we speak. Expecting to see $8 hold as support and then $12 is on the board for the potential target,” he tweeted.

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Can The Prediction Be Accurate? Here’s Our Take

Source: mashablebenelux

The cryptocurrency markets are rallying this month as Bitcoin and Ethereum pumped in price. The development gave life to several altcoins, and most cryptos traded in the green. The markets are experiencing buying momentum as Ethereum’s merge from Proof-of-Work (PoW) to Proof-of-Stake (PoS) is just around the corner.

Therefore, the markets are expected to see an upward trend in the coming weeks, making altcoins spike in price. ChainLink has chances of leaping from $8.50 to $12, as predicted by Poppe, as the markets are currently on the greener side of the table. Nonetheless, a rally from $12 to yet another new high for LINK cannot be confirmed, as the markets are still not out of the bearish conditions.

At press time, ChainLink was trading at $8.60 and was down 0.6% in the 24 hours day trade. It is down 83.7% from its all-time high of $52.70, which it reached in May last year.