Analyst Forecasts $40 Target For Chainlink (LINK)
February 24 2024 - 4:20AM
NEWSBTC
Chainlink (LINK) continues to remain among the headlines following
a negative performance, which saw the token’s price decline by
7.63% in the last week based on data from CoinMarketCap. However,
despite this discouraging price loss, investors and market experts
appear to remain bullish on the altcoin. For instance, popular
crypto analyst Michaël van de Poppe has recently released a price
prediction that states LINK could double its market price in the
coming months. Related Reading: Chainlink Open Interest Sitting At
Record Levels, What This Means For Price Chainlink (LINK) Poised To
Notch 122% Gains, Analyst Says In a Friday post on X, Michaël van
de Poppe presented a bullish case for Chainlink using the LINK/BTC
3-day chart. The analyst began his prediction by noting LINK’s
positive stint in the first two weeks of February, during which the
token rose by 32.77% to trade above the $20 price mark. #Chainlink
had another leg upwards in their $BTC pair towards the crucial
resistance. Failed to break out. It’s looking for a higher low
& support and then a reversal towards 4500 sats again. I think
$LINK is likely to run to $30-40 in the coming months.
pic.twitter.com/HtwHogdvsJ — Michaël van de Poppe (@CryptoMichNL)
February 23, 2024 However, despite this impressive price gain, the
prominent altcoin failed to breach a crucial resistance zone at
0.00480 BTC, thus failing to initiate a breakout. Following this
event, van de Poppe believes that Chainlink is now seeking a higher
low to serve as its support level. For context, a higher low
In technical analysis refers to a pattern on a price chart in which
a successive low point in a trend is higher than the previous low
point. It is usually interpreted as a bullish signal indicating a
potential trend reversal or continuation of an upward trend.
Source: X After successfully finding its higher low, van de Poppe
anticipates LINK to experience a price reversal, gaining by 4,500
satoshis, which is currently valued at $2.29 at the current Bitcoin
price of $50,761. Thus, Chainlink could soon return above the $20
mark. Furthermore, the analyst believes this price gain could lead
to LINK finally initiating a breakout, hitting a price in the range
of $30-$40 within the next few months. If this prediction proves
true, the altcoin could experience a potential maximum gain of
122.71% on its present market price. Related Reading: Bitcoin
Bullish Outlook: Analyst Predicts Near-Term Surge To $61,000 LINK
Price Overview At press time, Chainlink continues to exchange hands
at $17.96 with a 0.11% gain in the last day. Meanwhile, the token’s
daily trading volume has experienced a slight decline of 0.70% and
is now valued at $426.65 million. Based on market shares, Chainlink
is ranked as the 12th largest cryptocurrency with a total market
cap value of $10.55 billion. LINK trading at $17.944 on the daily
chart | Source: LINKUSDT chart on Tradingview.com Featured image
from Economic Times, chart from Tradingview
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