Why LINK Is Poised To Outperform Altcoins Sector, Analyst Sets Target For $10
The crypto market keeps scoring profits over today’s trading session as Chainlink (LINK), and others follow in the footsteps of Bitcoin’s rally. The green season could start, but which altcoin will prevail in the race?
One analyst shared a theory about LINK’s potential to outperform the altcoins sector and stand as a top gainer in the coming months. As of this writing, Chainlink’s native token trades at $5.6 with a 6% profit in the last 24 hours alone.
Chainlink (LINK) Price Target For A Bull Market
LINK is one of the altcoins that gained popularity in 2020 and 2021 when decentralized finance (DeFi) protocols saw increasing adoption. Today, the cryptocurrency has taken a hit from the persistent bearish trend in the entire sector.
However, analyst Daan Crypto believes Chainlink could recover and trend toward new yearly highs. Recently, LINK’s price crashed from a high of $9.50, forming an Average Range at those levels.
In other words, $9.50 has been operating as heavy resistance for LINK’s price in 2023. During LINK’s downside trend, the analyst believes that bulls managed to defend $5.50, which hints at a positive forecast for the cryptocurrency.
Via Twitter Daan Crypto stated while sharing the chart below:
$LINK Followed the plan. It deviated below it’s 400 day range and retook it. Wouldn’t expect this to outperform many of the new shiny coins but the invalidation is clear as day and the risk/reward is solid. It’s do or die here.
The chart above shows that if LINK bulls can continue the momentum, the token could rise as far as $10. This target corresponds with the channel’s top when the token has been moving for over a year.
However, traders should remember that the token has been unable to break above that resistance, always recording massive losses after hitting that top. In the short term, as conditions in the crypto market are favorable, LINK seems poised to keep trending to the upside.
Cover image from Unsplash, chart from Tradingview
Text source: NewsBTC
