Will the Chainlink (LINK) Token Reach the $10 Level in 2023?

• • Chainlink can reach $10 soon in 2023.
  • It is trading currently at $5.91 with a 1.5% repulse in the price.
  • Chainlink is 81.88% down from its all-time high value.

  Chainlink was founded in 2017. It is a decentralized network that provides real-time world data to smart contracts using an abstraction layer to blockchain through a decentralized Oracle network. Chainlink allows you to interchange or link with external data, payment methods, and events by providing off-chain information needed by smart contracts.

  Chainlink marked its all-time high on May 10 2021 when it was priced at $52.88. The token is currently trading at $5.91 with a 29% fall in its volume. 

  1. The circulating supply of the token is 538,099,970 LINK tokens. It is 53% of its total supply.
  2. The market capitalization of the token is $3.1 Billion.
  3. Its trading volume is $14.2 Million in the last 24 hours.

Sentiment Analysis of the Chainlink Token

This token’s total market volume has fallen by 9.65% in the last 1 week. The total bullish sentiment has increased by 74.22% and the average social dominance has also increased by 47.23%. The overall market sentiments are indicating a bullish price action in a weekly timeframe. 

News of Chainlink

Chainlink was used as an enterprise abstraction layer to securely connect the Swift Network to the Ethereum Sepolia Network. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) enabled complete interoperability between the source and destination blockchains.

The price of the chainlink showed a bullish movement of about 20% after its news on CCIP.

Upcoming Chainlink Events in September 2023

1. FROM 4SEP TO 10SEP 2023 – KOREA BLOCKCHAIN WEEK.
2. FROM 10SEP TO 12SEP 2023 – ETHEREUM SINGAPORE 2023.
3. FROM 11SEP TO 13SEP 2023 – DappCon BERLIN 2023.
4. ON 19TH SEP – REAL WORLD ASSET SUMMIT.
5. FROM 22SEP TO 23SEP 2023 – TUM BLOCKCHAIN CONFERENCE.

The Price of the chainlink can be seen in a bullish movement during these events.

Technical Analysis (1 DAY)

As we can see the LINK token touched the $8.4 range after the CCIP news and after that price reversed and came into a bearish movement after breaking the trendline. The price fell to $5.95 and is currently trading at $5.955.

If we test this support, then we can get to the price range of $7.4 easily. Suppose the token broke that level, we can see a $8 to $8.4 support level. However, if the coin price breaks down from this support, we can see a downward to the next support of $5.02.

The RSI shows that the price is below the neutral level of 50 and also under the oversold region. It is at 36.8 points and the SMA 14 is at 34.3 points. 

In MACD, The blue fast line will soon cross the red slow line. It is an indication of a bullish movement in the price. The histogram also shows that the volume is slowly inflowing in the market of the token.

Conclusion:

The overall analysis shows that the price will be in a bullish price action as in MACD both the EMAs are making a cross. The price is also at a support level and we can wait for a confirmation above the support, which will confirm the retest of the support. 

The long-term scenario of the chainlink token stays bullish as the chainlink is a renowned token with an incredible narrative. It is also a strong problem-solving and helpful network. The price can easily reach $100 in the next bullish cycle.

Technical Levels:

Support: $5.9 AND $5.02

Resistance: $7.4,8.4 AND $8.9

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.