- Chainlink price up by almost 90% since July 20 low
- Crypto market still digesting the implications of new Infrastructure Bill
- Long term future for LINK continues to look bright
The Chainlink price seems to be settling at the $24-$26 level before beginning its next big leg up. It has appreciated at a slower level than other cryptos over the past few days but is still considerably up from its previous lows established in July.
Although it seems that the fallout from the Gary Gensler speech on crypto regulation has largely been shrugged off by the markets, there still is the passing of Infrastructure Bill to digest. It seems that investors still remain bullish on crypto and adoption could be the next step forward. The Chainlink project is no exception to this.
There also seem to be bullish predictions for the Chainlink price now that the $25 mark has been superseded. It remains to be seen whether the market will remain in bullish mode, although that seems to be the case at least for the short term.
If you haven’t yet bought some Chainlink then you should try this How To Buy Cryptocurrency Beginner’s Guide.
Short Term Prediction For Chainlink Price: More Bullish Momentum expected
Currently trading at around the $25.50 mark, the Chianlink price has risen by about 11% since 8 August after suffering a retracement on that day. It has appreciated by at least 80% since its July 20 low of $13.90 making it one of the best recoveries since that crash.
A bullish thesis for the Chainlink price would see it make a beeline for the $27 mark. This would mean a 100% appreciation from the July 20 low and a 20% rise from the Aug 8 level. LINK should then be tagging the $30 resistance level where it can expect considerable obstacles.
If a bearish thesis were to come into play, then the Chainlink price would probably retreat to the $22 level where a sell off might ensue. If that occurs, then LINK could also drop to the $21 support level and further selling pressure may also bring that price level under scrutiny. However, with a considerable bullish presence, this bearish prediction does seem unlikely at present.
If you’re interested in buying some crypto, then take a look at these Top Cryptocurrency Brokers.
Long Term Prediction For LINK: A Slow But Steady Rise
As already indicated, the crypto market still has to digest the implications of the Infrastructure Bill that has just been passed in the US Senate. The windfall crypto tax proposed to raise $28 billion is significant although this could also provide a boost to the markets long term.
The Chainlink price is expected to continue moving forward at a slow and steady pace. Some analysts are looking at a price of $50 for the end of the year, a level which was reached in late April and early May. It does seem that the Chainlink project will continue gaining over a long-term period.
Looking to buy or trade Chainlink now? Invest at eToro!
Capital at risk
Share
Gerald Fenech
