Chainlink Price Back To Bullish Ways As Recovery Consolidates
Crypto News

Chainlink Price Back To Bullish Ways As Recovery Consolidates

  • The Chainlink Price Is Back To Well Over The $31 Level As The Recovery Continues
  • LINK appears to be a solid investment as it has almost recovered completely from the September 7 Flash Crash
  • Crypto Market Still Unstable But Outlook Generally Positive

The Chainlink price has put together a remarkable recovery over the past few days and is currently trading at around the $31.50 mark. This is only around a 6% drop from the bi-monthly high registered on September 6 when the Chainlink price reached $34.80 with a steep fall in the Sep 7 flash crash.

Although there is still considerable instability in the crypto market, LINK looks to be primed for recovery. The specter of regulation still surrounds the crypto market but several coins seem to have brushed this aside and are on a bullish streak. The Chainlink price seems to be looking to achieve the bi-monthly high very soon with a fast recovery on the cards.

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The Chainlink price is expected to continue its recovery from the minor setback which occurred last week. It has to be noted that LINK has risen by well over 100% from its swing low of $13.90 completing a remarkable turnaround.

If the bullish thesis were to continue, then the Chainlink price would be expected to return to the $35 level. If that resistance level were to be broken, then a rise to the $40 level would not be untoward. This would mean a 20% rise from the current price level.

If a bearish thesis were to come into play, then Chainlink would be expected to drop to the psychologically important level of $30 where there is strong support. If a sell-off occurs, then the price would be expected to drop further to around the $27 mark. This scenario seems unlikely in the current situation.

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The Chainlink price looks to be moving forward as it regains momentum after the Sep 7 flash crash. It looks likely that there will be more interest in LINK as time goes by although the instability in the crypto market could create some pitfalls.

On a long-term basis, the Chainlink price is expected to continue appreciating considerably and may also reach its all-time high of $50 by the end of the year. The positive momentum around LINK is expected to continue for the foreseeable future.

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Gerald Fenech

Gerald Fenech

Freelance journalist and writer with over ten years experience in forex and fintech writing. Specializes in crypto and blockchain