- Chainlink Price Up By 25% Over past 7 days
- Bulls are back in town For LINK
- New projects and partnerships continue to boost use case for Chainlink
The Chainlink price is on a roll of late with a 25% gain over the past 7 days and shows no sign of stopping. It seems that the speech by new SEC Chair Gary Gensler has had the opposite effect on LINK investors who are piling up in droves. LINK is actually up by over 80% since the July 20 low of $13.80 which makes it one of the best performing cryptos over the past two weeks.
LINK has been ascending slowly but surely ever since that July 20 low and looks to be gaining further momentum to regain the $30 level. Although there are some pitfalls on the way, not less the resistance level of $27 which represents a 100% gain from the July 20 low. Another resistance level is the $30 mark from where further price runs could springboard.
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Short Term Prediction For Chainlink Price: Still Following Bitcoin?
Although the Chainlink price seems to be following Bitcoin, it has continued ascending over the past couple of days. In fact, LINK has continually risen since the July 20 low and has only had very small days where the price retraced.
A bullish thesis seems to be playing out so the next target would be the $25 level where some resistance may be encountered. If that is overcome however, there should be a considerable push towards the $30 mark where a beeline forward should then be made.
A bearish thesis would of course invalidate all this prediction. If this would pan out, then the Chainlink price would fall below the $22 level and also test the $0.20 support level. However, this scenario is highly unlikely due to the positive sentiment in the crypto market.
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Long Term Prediction For LINK: More Positive Momentum Expected
At present the Chainlink price appears to be moving towards a recovery period with a bullish run extending over 14 days. LINK has appreciated by over 80% since its July 20 low and there seems to be more bullish momentum in the market.
Obviously, there are always some pitfalls to be encountered. The Gary Gensler speech does not seem to have had any particular effect on the market, at least in the short term but the spectre of more regulation and clamping down has yet to be priced in.
Still, several commentators and analysts have indicated that on a long-term level, more regulation is good for the crypto market. This is due to the fact that institutional investors will view the product kindlier, and with some brilliant use cases out there (such as LINK), the outlook can only be rosy.
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Gerald Fenech
