In our last Chainlink forecast, we wrote that the price could fall by 50%. LINK prices currently broke the important support of around $15. Despite this break, some traders are still bullish on Chainlink, seeing the current price action as a mere fakeout. We at CryptoTicker are going to take a closer look at Chainlink. Can LINK reach 30 $ soon?
Link Price Prediction – Can LINK reach 30 $ ?
The Chainlink price is currently just below a strong support that contributes to the sideways phase. This is around $15. The price has been able to briefly break the support over the past two months, which we can see from the wicks. However, the price was able to stabilize above the support at any time and also close above it. Since the price sees this level as support, we expect the price to move up to the next major resistance next. This resistance is located around $37. Thus, the price could rise by over 100% in the next few months to continue the sideways phase between $15 and $37. After hitting the resistance, the LINK price might decline again and eventually retest the $15 support.
On the other hand, the current crypto market is showing bearish signs. LINK price managed to break today lower than $15. This might be a short-term fakeout. That’s why if you want to buy LINK today, you might want to place hard stop-loss areas to prevent your portfolio to decrease any further in case LINK continues lower, specifically towards 7$ as predicted in a previous article. Reaching 30$ is not impossible, but this won’t happen in the short-term.
Chainlink or Ethereum? Which coin will Perform better?
If we look at the Chainlink-Ethereum pair, we can see that the price is currently in a free fall. Thus, Ethereum has clearly outperformed the Chainlink price in recent months. However, the price soon reaches a support zone. This is between 0.003 Ξ and 0.00375 Ξ. Thus, the Chainlink price against Ethereum could fall by a further 30% before the trend reverses. With the help of this trend reversal, Chainlink could outperform the Ethereum price.
