The Chainlink price was obviously not immune to the overall crypto market crash over May and June. However, LINK seems to be in a solid trend reversal with the price jumping by around 15% over the past two days. After hitting a low of $13.90 on 21 July, the Chainlink price is currently trading at just below the $16 level and it seems there is more room for it to grow.
LINK began a slow descent on 5 June when it was trading at $32. The decline kept going to the $13.90 mark which represents a drop of over 60% making it one of the worst-performing cryptos over the past few weeks. However, the recent gain holds good news for long-suffering investors as the Chainlink prices is eyeing a 40% gain short term.
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Short Term Forecast For Chainlink Price: Back to the $20+ level?
The Chainlink price witnessed a dismal 37% descent over the past 16 days with the price falling to as low as $13.55 at one point. However, there was a bounce from the support level of $13.36 which went in tandem with the rise in Bitcoin off the support level of $29,000.
If the bullish sentiment continues then LINK could continue rising to the resistance level of $17.50. The previous resistance level of $14.60 has been breached with ease so the assumption is that the Chainlink price will continue to make a beeline for the $20 mark.
If the Chainlink price can hold the $17.40 price for some time then it would signal that buyers are in the market. The next resistance level of $21.30 would then be on the cards as the breakout begins.
A bearish thesis would occur if the Chainlink price slips back from the current level to retest the $14.70 support barrier. If that were to happen, it might retrace back to the $13.50 mark but this seems highly unlikely as bulls are back in town for now.
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Long-term LINK price forecast: Onwards And Upwards As Bulls Charge Back
It seems the bulls are definitely roaring as the Chainlink price continues to increase. With the recent announcement on the Chainlink Verifiable Random Function (VRF), positive sentiment around LINK can only increase.
The VRF is a crucial functionality that is used to automate randomness which actually helps projects in several ways. Chainlink has built the VRF in an ingenious manner since it offers a secure on-chain randomness solution for smart contracts. The technology is also tamper-proof and unbiased.
All this positive sentiment should have a bullish effect on the Chainlink price which is expected to at least reach the $40 level again by year’s end.
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Gerald Fenech
