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Chainlink Price Analysis: LINK spikes to $35.5, slowly targets $36.3 several month high next?

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  • Chainlink price analysis is bearish today.
  • LINK/USD saw strong buying yesterday.
  • The market spiked above $35 after some consolidation.

Chainlink price analysis is bearish today as bulls are likely exhausted after a strong rally over the past 24 hours that set a higher high at $35.6. Therefore, we expect LINK/USD to retrace some of the gain next, looking to establish another higher low from which to push higher later this week.

Chainlink Price Analysis: LINK spikes to $35.5, slowly targets $36.3 several month high next? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly with bullish momentum over the last 24 hours. Bitcoin gained 3.02 percent, while Ethereum 1.73 percent. Meanwhile, Litecoin (LTC) is among the top performers, with a gain of almost 20 percent.

Chainlink price movement in the last 24 hours: Chainlink sets a strong higher high at $35.6

LINK/USD traded in a range of $33.61 – $35.62, indicating a substantial amount of volatility over the last 24 hours. Trading volume has increased by 45.26 percent and totals $1.38 billion, while the total market cap trades around $16.3 billion, ranking the coin in 16th place overall.

LINK/USD 4-hour chart: LINK to reverse as bulls are exhausted?

On the 4-hour chart, we can see the advance slowing down after a strong higher high set this morning, likely resulting in a retracement over the next days.

Chainlink Price Analysis: LINK spikes to $35.5, targets $36.3 several month high next?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price action has seen a strong bullish momentum return in November. After setting a strong higher high on the 26th of October, a sharp drop lower followed at the end of October.

After failure to regain the previous high, a higher low was set around $29 on the 31st of October. From there, LINK/USD set higher highs and lows twice before a strong push higher began Yesterday.

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The previous swing high at $34 was breached rapidly, with some selling pressure returning at $35. However, after a consolidation overnight, the Chainlink price action spiked higher again this morning, leading to the $35.6 mark set as the current monthly high.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bullish today as a strong higher high was set at $35.5 after a spike higher this morning. However, selling pressure did return overnight, indicating we could see a reversal later today as bulls are exhausted.

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Chainlink Price Prediction: Will LINK Price Surge Above $100 in 2022?

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One of those coins, and one that has been making front-page news ever since the rise of DeFi projects, is Chainlink. Its coin LINK amassed a large group of enthusiastic followers, including celebrities, industry experts, and tech futurists. the altcoin has grown rapidly and is one of the top-ranked cryptocurrencies by market capitalization

The altcoin has enjoyed an exciting rise to the top, but what are its prospects for the remainder of 2021? In this article, we will discuss the Chainlink price prediction and Market Analysis.

As Chainlink has strong fundamentals, investors believe that LINK Price is bound to pump eventually.

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Table of contents

  • What is Chainlink (LINK)?
  • Chainlink Price Prediction 2021
  • Chainlink Price Prediction 2022
  • 5 Years LINK Price Prediction
    • LINK Price Market Prediction
  • Our Chainlink (LINK) Price Predictions
  • LINK Price Historic Analysis
    • 2017
    • 2018
    • 2019
    • 2020
  • FAQ

Overview

CryptocurrencyChainlink
TokenLINK
Price$ 0.0000
Market cap$ 0.0000
Circulating Supply$ 0.0000
Trading Volume $ 0.0000
All time high$ 0.0000     January 1, 1970
All time low$ 0.0000     January 1, 1970

Chainlink is unique compared to other blockchain projects. The business model is solely focused on the creation of smart contracts for the outside world. Chainlink hopes to decentralize the Internet to bridge the gap between blockchains and the applications that exist in the real world.

The Chainlink system has a decentralized network of Oracles, so that smart contracts can safely interact with off-chain platforms. Founded in September 2014 by its CEO Sergey Nazarov and CTO Steve Ellis.

Chainlink node operators extract data from off-chain systems and convert it into blockchain compatible formats. They are awarded LINK cryptocurrency – an ERC-20 token based on Ethereum. According to the developers, the price of LINK is closely correlated to the number of node operators.

Fundamental Analysis

Since both Oracle and Chainlink work simultaneously for data conversion, the working might sound arduous. But in reality, it involves just 3 steps! Beginning the process, a smart contract requests data when required. The LINK protocol receives the request and generates a Chainlink Service level Agreement. 

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Meanwhile, the agreement will further generate 3 other contracts. One for reputation, which will check the Oracle and verify it. Secondly, the next contract acts as a bridge between the request contract and the nodes that take the requests. 

The translation of off-chain to on-chain data and vice versa is taken care of by the Chainlink Core. The request is first converted to an off-chain form so that the real-time information can read the request and easily fetch the required data via an API. After the accurate information is at the nodes, they are further transcribed to on-chain language and delivered to the nodes! Thus, the Chainlink protocol increases transparency and improves the reliability and accuracy of the data that enters the blockchain!

The LINK token powers the entire process and acts as the network’s fueling agent. That is, Chainlink nodes are paid in LINK tokens for lending their services in fetching the real-time data into the blockchain. But before that, each node must stake LINK tokens in the network promising to offer accurate services.

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Chainlink continued to trade at $11.45 during January. Surprisingly, the price spiked to $51.17 to hit a new high on May 2nd. When the market collapsed on May 19, the LINK price wiped down from $36.8 to $21. However, post this point, the price has been gradually surging.

It has drawn a lot of attention and attracted new users to their project. The fundamentals look healthy for many analysts. The altcoin has been proactive in launching its products and developments well within time, growing consistently. Partnering with prominent companies like Google Cloud, the LINK price may soar significantly to blow at $37.008 by the year-end.

On the other hand, considering all market sentiments and news playing hide and seek, major setbacks can arise. If any other unforeseen circumstances or competitor coins give a tough road ahead, the altcoin price might plummet to support levels at $15.988.

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LINK Price Predictions for Q4:

If buyers continue to outperform the sellers in the coming days the asset could form its new ATH soon.  However, its recent partnership with Cardano and Avalanche didn’t impact its price action. So, if it fails to leg up to the next levels, then it could settle down to initial support levels between $20 to $24.

However, the LINK price has enjoyed a tremendous rally in October. The price surged by more than 50% rising from $21.43 to $34.34. In contrast, the asset had failed to seek any price moments in November. Woefully, the price has dropped to a below support of $24.82.

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A massive breakout from here would take the price to a maximum of $40.74. The average and minimum possibilities for the altcoin is being $28.58 and $36.74.

If the altcoin closes this year hitting the highs, then 2022 might start bullish at $62.24. On the other hand, if a bearish trap engulfs, then the 2022 trade might resume at a similar trend at $27.08.

If the network boosts the reward levels for its nodes, then it might grab new nodes staking their tokens, leading to a pump in the price. In such a case, by the end of 2022, the LINK price might smash a new high of $111.32. However, being a highly transparent protocol, the average price of its token can hit between $91.32 and $80.005.

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On the flipside, possible data manipulation is being debated by many critics. If the network does not work to improvise this, then the price can bounce down to $78.869.

In 5 years, with more partnerships, a large treasury of reserve funds, and an in-demand service, it seems that the platform is well-poised to handle any challenges that may crop up in time. With new updates in connections to APIs, the utility token can be on cards with a maximum of $318.52 by the end of the next five years.

On the other hand, if the market crashes due to controversies on conventional cryptos and blockchain, following other currencies, LINK may also dip to $126.731. If smart contracts can seamlessly process over the years, then the altcoin might move at an average of $191.99

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1) TradingBeasts :

According to trading beasts, the LINK price may trade around an average price of $152.952. The asset could take a leg up to a maximum of $191.190 by the end of 2021. And by the end of 2024, the price may reach a maximum of  $231.473 and in case of bullish divergence, the altcoin may slide down to $157.402 by 2024. 

2) DigitalCoinprice:

It rates Chainlink as a solid investment with expectations of soaring prices for years to come. Digitalcoin expects that Chainlink (LINK) could be trading at $274.94 at the end of 2021. And the altcoin could leg up to $371.61 by 2022. The website made a whooping prediction for the altcoin in long term, they expect the price to hit $550.34 by 2025.

3) WalletInvestor:

Wallet Investor’s algorithm-based forecast is highly bullish about the future price of Chainlink. They think the LINK price can go up to $260.181 in one year. With average buy and sell pressures the asset could trade around $195.698 and would flip to a minimum of $129.796 by 2021. Based on the current market situation, they project the rate jumping to an average price of  $679.517, in case of bullish divergence of price would plummet to $548.059. With average buy and sell pressures it would claim $617.524 by the end of 2025.

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4) Longforecasts:

As per Longforecasts, the Link price may trade at $36.39 by the end of 2021, and by the end of  2025, the price may rally and cross $150.53.

Chainlink has the inherent capability to expand smart contracts, allowing data accessibility for events, transactions, and going in the same trend. Optimism seems to be catching up with the heat on a long-term price forecast for the platform. According to Coinpedia’s formulated prediction, if the network updates in cryptography and starts new partnerships, the LINK price might beyond crucial resistance $37.00 as the year ends. 

On the flip side, many critics have begun questioning the purpose of LINK tokens in the project. If it persists, and other celebrities indicate a supporting statement, the price might get afflicted and plunge to $16.03.

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Year.Potential High.Potential Low.
2021.$62.008.$26.988
2022.$94.883.$40.869.
2025.$167.46$88.433

2017

LINK was funded with an ICO and managed to raise USD 32 million in September 2017. During its private token sale campaign LINK cost USD 0.09 per token and USD 0.11 during its public sale.

2018

Then in the year 2018, the coin had a nice start doubling from $0.15 to $0.43 per coin. It had several price hikes, which increased the price of the currency to $1.

2019

In June 2019, news broke on Twitter about potential cooperation with Chainlink and Google Cloud. As a result, the price of LINK jumped from $1.19 to $1.93. Later, the coin grew further to $2.24 when it was listed on Coinbase.

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By the time LINK appeared on the exchange, it had reached $4.45. By the end of August, the price of ChainLink had again decreased to $1.61.

2020

ChainLink saw a significant price movement in January 2020 and ended in February. During this period, the coin managed to grow from $1.74 to $4.60 in a short time frame. 

In March, it crucially fell back to its previous price point of $1.74. In April, it managed to recover, climbing back to $3.

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Then on July 7, 2020, the LINK price underwent an impressive surge as China’s national blockchain network, the Blockchain Service Network (BSN) was activated with 135 nodes integrated with Chainlink price oracles. 

The news saw the LINK price surge from around $4.87 USD to an all-time high of $5.60 USD, with gains of 15 percent on the day

Chainlink continued an ascending trendline into mid-August, gaining bullish momentum. Into late September 2020, it saw sudden bearish activity before beginning its climb once again into October. 

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With the continuation of the bearish trend LINK’s price was trading at $11.17 and further plunged to $10.57. Later, the price started to grow steadily to hit $16.08 at the end of November.  At the end of 2020, Chainlink was trading at $11.14.

FAQ

Is Chainlink (LINK) a good investment?

Chainlink might be a good investment if you plan to invest for a long time.
Will Chainlink hit $100 USD?

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For now, though, considering the current Chainlink price, it’s feasible to expect Chainlink to cross $100 USD in 2022
What are Chainlink Oracles?

These are bridges that allow several blockchains to interact with off-chain resources such as market data.
Is Chainlink Worth Investing?

Yes, it is worth investing. Chainlink (LINK) is showing tremendous growth and it’s one of the most prominent cryptocurrencies.

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Chainlink (LINK) Leaves Top 20 Cryptocurrencies by Market Cap: Possible Reasons

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Here’s how Chainlink Marines’ crypto left elite club

LINK, a core digital asset of decentralized oracles network Chainlink, finally left CoinMarketCap’s top 20 of cryptos by capitalization. At the same time, it seems that this is not its fault.

LINK leaves top 20, replaced by ALGO

Today, on December 2, 2021, Chainlink (LINK) sees its LINK token in red: the asset has plummeted 7% in 24 hours. As such, its capitalization drops to $11.6 billion.

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LINK left top-20

Just like Cardano (ADA), LINK token trades down more than 50% from its all-time high registered on May 9, 2021, above $52.

ALGO, a token of high-performance smart contracts platform Algorand, demonstrates an almost  5% dropdown but surpasses Chainlink (LINK) by market capitalization.

Algorand (ALGO) added more than 50% in just three months and entered the top 20 by market capitalization for the first time in its history.

Battles of large caps

At the same time, Chainlink (LINK) leaves the top 20 not only thanks to Algorand (ALGO) but also due to the impressive rallies of other major altcoins.

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In recent days, Terra (LUNA) and Polygon (MATIC) have spiked to new historic highs. The rivalry in the 10-20 zone has become quite savage.

Also, as covered by U.Today earlier today, Cardano’s ADA jumped 15% in no time as the IOHK CEO stressed the advantages of his project’s programming language over Ethereum’s Solidity.

LUNA, a native digital asset of high-performance blockchain Terra, added 60% in one week and surpassed overhyped memetic coin Shiba Inu token.

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Chainlink price analysis: LINK breaks below $25. More downside ahead?

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  • Chainlink price analysis is bearish today.
  • Strong resistance is present at $26.4.
  • Support for LINK/USD is present at $24.1.

Chainlink faced rejection at $25.3 as LINK started to decline during the late hours yesterday, and the decline continued today as well. However, LINK managed to get support, and some upwards price movement has been observed recently. The current bullish wave has formed a short-term upwards pattern as the coin has been rising for the past few days, while the overall trend has been bearish.

LINK/USD 1-day price chart: Price drops as bears intervene in the bullish trend

The 1-day price chart for Chainlink price analysis shows the price declined from $25.3 to $24.8 today and is trading hands at the later value at the time of writing. The LINK/USD pair reports a loss of 4.58 percent in price value over the last 24 hours and a loss of 6.03 percent over the past week. The trading volume has also decreased by 5.65 percent, and the market cap suffered by 4.76 percent.

Chainlink price analysis: LINK breaks below $25. More downside ahead? 1

The volatility for the crypto pair is quite high despite the price fluctuations being small after 26th November. The price is trading below the Bollinger band average, which is standing at $27.4, representing the resistance level and the lower end of the Bollinger bands is present at $21.6, representing the support level for LINK.

The relative strength index (RSI) is trading in the lower half of the neutral zone and is present at index 37, though the indicator is still in the neutral zone but shows sellers outpowering the buyers in the market for LINK/USD.

Chainlink price analysis: Recent developments and further technical indications

The 4-hour price chart for Chainlink price analysis shows the coin corrected for 12 hours continuously, including the first hours of today’s trading session. However, during the last eight hours, an improvement in price was observed as the bulls managed to make a comeback.

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Chainlink price analysis: LINK breaks below $25. More downside ahead? 2
LINK/USD 4-hours price chart. Source: TradingView

The volatility is comparatively mild on the 4-hour chart; the price stepped below the average line of the Bollinger bands during the past hours, which was representing the support level for the coin, which now turned into a resistance level at $25.3. The RSI, after sinking into the lower half of the neutral zone, shows a little upwards curve hinting at the recently started buying activity as it trades at index 46.

Overall the technical indicators are also favoring the bearish side as a majority of 15 technical indicators are giving sell signals, including the SMAs, EMAs, the MACD oscillator. On the other hand, only one technical indicator is giving a buy signal, which is the momentum oscillator. The remaining 10 technical indicators stand neutral and do not issue any signal for buying or selling.

Chainlink price analysis: Conclusion

The Chainlink price analysis for today favors bears as the price level is below then yesterday’s price cap. However, we anticipate LINK to continue upside for the coming hours as the price has been elevated during the last hours before continuing downside later today.

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