Chainlink has been hovering around the $7 mark since September 2022 and the digital asset has not climbed above its resistance level of $8. LINK was at $9 in June this year but consistent corrections had led to a reduced value at press time. The crypto has been trading sideways in October with little to no spike in price this month.
However, crypto analyst Altcoin Sherpa believed that Chainlink could jump up in price and reach its monthly high. The analyst predicted that Chainlink is in the “accumulation range” currently and is gearing up for a short-term rally. LINK could catapult to new monthly highs once the accumulation range is completed, he predicted.
“LINK: Although I still see this as a stablecoin for now. I think it looks pretty reasonable on high time frame charts as an investment/longer-term trade. I think it’s in an accumulation range and we’ll eventually see this do really well. Chainlink,” he tweeted.
Altcoin Sherpa revealed to his 185,000 followers on Twitter that Chainlink at $7 is a good range to accumulate. He added that investors who buy LINK at $7 and hold on to the long term could reap the benefits. Short-term buyers need to quickly jump ship after booking profits as the markets are in murky waters.
Chainlink & Cryptos: October 2022
Not much can be expected of the crypto markets in October 2022 as a bull run is nowhere to be seen on the horizon. Another period of downtrend would trigger leading cryptos, including Chainlink towards a new yearly low.
The markets are an opportunity for long-term investors as the next rally could deliver significant returns. Investors who plan to enter the markets for quick returns should stay away from cryptos at the moment. The markets might face further corrections and all short-term investors could burn their hands during this period.
Also Read: Bitcoin Doomsday Prediction: BTC to $3500?
At press time, Chainlink was trading at $7.24 and is up 0.5% in the 24 hours day trade. The crypto is down 86.3% from its all-time high of $52.70, which it reached in May 2021.