Chainlink Price Prediction — Will LINK Hit $53 Soon?
- Bullish LINK price prediction is $34.76 to $51.90.
- The LINK price will also reach $53 soon.
- LINK bearish market price prediction for 2021 is $8.47.
In Chainlink (LINK) price prediction 2021, we use statistics, price patterns, RSI, RVOL, and much other information about LINK to analyze the future movement of the cryptocurrency.
Chainlink Current Market Status
According to coingecko, the price of LINK is $28.34 with a 24-hour trading volume of $755,937,956 at the time of writing. However, LINK has decreased to 0.5% in the last 24 hours.
Moreover, LINK has a circulating supply of 467,009,553 LINK. Currently, LINK trades in cryptocurrency exchanges such as Binance, Mandala Exchange, OKEx, CoinTiger, and Huobi Global.
What is Chainlink (LINK)?
Chainlink is a blockchain-based cryptocurrency network. Chainlink provides a link between real-world and smart contracts. The multiple subcontracts can be generated in Chainlink, also takes data from only the most trusted nodes and oracles for premium accuracy.
Moreover, LINK is the digital belonging token used to pay for services on the Chainlink network. LINK can be bought and sold for traditional currency or other digital currencies. Through cryptocurrency exchange, LINK can be purchased and can be stored in a crypto wallet and custodian like Gemini.
Chainlink (LINK) Price Prediction 2021 Chainlink holds the 18th position on CoinGecko right now. LINK price prediction 2021 explained below with a daily time frame.
An ascending channel is a pattern formed from two upward trend lines drawn above and below the price indicating the resistance and support levels. This is a bullish chart pattern defined by a trendline that supports the series of higher lows and a diagonal resistance level that connects the higher highs. While on the channel, prices are expected to jump from the upper and lower ranges. As such reversals occur, the method is more reliable.
Currently, LINK is at $28.39. If the pattern continues, the price of LINK might reach the resistance level to $37.60 and $51.90. If the trend reverses, then the price of LINK may fall to $13.30.
Chainlink (LINK) Support and Resistance Level
The below chart shows the support and resistance level of LINK.
From the above weekly time frame, it is clear the following are the resistance and support levels of LINK.
| Resistance Level 1 | $34.76 |
| Resistance Level 2 | $53.03 |
| Resistance Level 3 | $89.44 |
| Support Level 1 | $19.93 |
| Support Level 2 | $13.35 |
| Support Level 3 | $8.47 |
The charts show that LINK has performed a bullish trend over the past month. If this trend continues, LINK might run along with the bulls overtaking its resistance level at $89.44.
Accordingly, if the investors turn against the crypto, the price of the LINK might plummet to almost $8.47, a bearish signal.
Chainlink Price Prediction 2021 — RVOL, MA, and RSI
The Relative Volume (RVOL) of LINK is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, RVOL of LINK lies below the cutoff line, indicating weaker participants in the current trend.
More so, the LINK’s Moving Average (MA) is shown in the chart above. Currently, LINK is in a bearish state. Notably, the LINK price lies below 50 MA (short-term), so it is completely in a downward trend. Therefore, there is a possibility of a reversal trend of LINK at any time.
Meanwhile, the relative strength index (RSI) of the LINK is at level 39.60. This means that LINK is in a nearly oversold state. However, this gives confidence for the traders to trade without any fear.
Chainlink Price Prediction 2021 — ADX, RVI
Let us now look at Chainlink’s Average Directional Index (ADX). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of Chainlink. Currently, LINK lies in the range at 30.7, so it indicates a strong trend.
From the above chart, the Relative Volatility Index (RVI) of LINK. RVI measures the constant deviation of price changes over a period of time rather than price changes. The RVI of LINK lies below the 50 level, indicating that the direction of volatility is low. In fact, LINK’s RSI is at the 39.6 level thus confirming a potential sell signal.
Comparison of LINK with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum and Chainlink.
From the above chart, we can identify the trend of the ETH, BTC and LINK is moving at the same level as the trend. This indicates that when the price of BTC increases or decreases, the price of ETH and LINK also increases or decreases respectively.
Conclusion
With continuous improvements in the Chainlink network, we can say that 2021 is a good year for LINK. For this reason, the bullish price prediction of Chainlink in 2021 is $51.9. On the other hand, the bearish LINK price prediction for 2021 is $8.47.
Furthermore, with the advancements and upgrades on the LINK ecosystem, the performance of LINK would rise reaching $37.6 very soon. But, it might also reach $53 if the investors believe that LINK is a good investment in 2021.
FAQ
Chainlink is a framework for creating decentralized Oracle networks that bring real-world data into blockchain networks and enables the creation of hybrid smart contracts.
LINK has listed on many crypto exchanges which include Binance, Mandala Exchange, OKEx, CoinTiger, and Huobi Global.
With the ongoing developments and upgrades within the LINK platform, it has a high possibility of reaching its ATH soon.
On May 10, 2021, LINK reached its new all-time high (ATH) of $52.70.
Chainlink (LINK) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of LINK in the past few months, LINK is considered a good investment in 2021.
Chainlink (LINK) is one of the active crypto that continues to maintain its Bullish state. Eventually, if this bullish trend continues then Chainlink (LINK) will hit $53 soon.
Chainlink (LINK) price is expected to reach $89 by 2022.
Chainlink (LINK) price is expected to reach $120 by 2023.
Chainlink (LINK) price is expected to reach $170 by 2024.
Chainlink (LINK) price is expected to reach $225 by 2025.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Recommended Articles
- Chainlink (LINK) Technical Analysis 2021 for Crypto Traders
- Dogecoin Price Prediction 2021 – Will DOGE Hit $1 Soon?
- BEAM Price Prediction 2021 – Will BEAM Hit $3 Soon?
- Cardano Price Prediction 2021 – Will ADA Hit $5 Soon?
- Dogecoin Price Prediction 2021 – Will DOGE Hit $1 Soon?
The post has appeared first on thenewscrypto.com
Read more: https://thenewscrypto.com/chainlink-link-price-prediction
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
