In a remarkable week for the cryptocurrency market, Chainlink (LINK) has outshone its peers with a staggering 50% increase in price. While the average crypto asset soared by about 20%, Chainlink’s surge has caught the attention of investors and analysts alike, sparking discussions and predictions about its future trajectory. In this Chainlink price prediction article, we analyze whether will LINK price reach 20$.
The recent surge in Chainlink’s price can be attributed to the overall bullish sentiment in the crypto market, primarily driven by the anticipation of Bitcoin ETFs becoming a reality. This development has led to a significant increase in Bitcoin prices, which, in turn, has positively impacted the broader market. Chainlink, which was previously hovering around $7, was considered heavily undervalued, making its recent price jump even more noteworthy.
Despite the current bullish trend, a correction of around 20% could be on the horizon, potentially bringing Chainlink’s price down. However, if the momentum in the Bitcoin market continues to surge, Chainlink could ride this wave to even higher values. Predictions suggest that LINK could reach a price range between $14 and $18. While reaching the $20 mark is possible, it might be a bit of a stretch before 2024.
With Chainlink’s current price hovering around $11.03, it finds itself near a strong psychological support level of $10. This makes it an opportune time for investors to consider buying LINK, especially with a strategy that includes placing a stop-loss trigger slightly below the current price level. This approach could mitigate risks while allowing investors to capitalize on potential upward movements.
Bitget is a recommended exchange. Known for its low fees and user-friendly platform, Bitget makes it easy for both new and experienced traders to buy and sell Chainlink tokens. With the current market dynamics and Chainlink’s promising trajectory, now might be a strategic time to consider adding LINK to your cryptocurrency portfolio.
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