- Chainlink price almost neutral after slight drop
- More partnerships and adoption remain positive for LINK prospects
- Chainlink expected to continue its upward momentum after slight pullback
The Chainlink price is currently experiencing a slight pullback after reaching a bi-monthly high of $28 just a few days ago. The recent retracement in the crypto market over the past 24 hours has also affected LINK with the price dropping by around 9% to the $26.50 level.
However, this negative movement for the Chainlink price only seems to be a temporary blurb and the ascending channel should remain intact. Small retracements are always regular occurrences during a bull run and this one is no exception for LINK.
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Short Term Prediction for Chainlink Price: Minor pullbacks expected but generally positive
Although the Chainlink price has retreated from its bi-monthly high of$28 to the $26.50 level, the short-term prospects remain bullish. LINK is up by more than 100% from its July 20 low of 13.59 making it one of the best performing cryptos over the past month. This ascending trend is expected to continue.
With a bullish thesis in play, the Chainlink price should regain the $28 level where it would then ascend and encounter considerable resistance at the $0.30 level. If this is overcome, then LINK should begin tackling the $0.35 mark where the next level of resistance should be encountered. This would represent a gain of around 25% from the current price and would perhaps be a bridge too far at this stage.
If a bearish thesis were to play out, the Chainlink price would cede the $26 level and drop by around 10% to the $23 mark where it should find support. However, if a strong sell off were to occur, the price could also test the psychological support around the $20 level.
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Long Term Price Prediction For LINK: Positive Momentum Still In The Frame
Although the Chainlink price has experienced a minor pullback over the past 24 hours, the long-term prospects of the coin remain excellent. Some predictions have LINK reaching the $50 level by the end of the year although that level seems to be overtly optimistic.
With several recent announcements on adoption of the Chainlink technology by several partners, the project looks to have a bright future. While short term investors may be looking to offload their holdings to make short term gains, the prospects for the Chainlink price over a long term basis remain bullish.
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Gerald Fenech
