Chainlink Price Prediction: Will LINK Crypto Escape This Consolidation Phase?

• The Chainlink price prediction suggests the consolidation phase on the daily price chart.
• The LINK crypto has fallen below the daily moving average of 20, 50, 100 and 200 days.
• Link Crypto needs to escape this consolidation to fly over the daily chart.

Since May 2022, according to Chainlink’s price prediction, the token has been consolidating in the long-term consolidation phase. The LINK cryptocurrency needs to climb to the top of the long-term consolidation phase of the daily price chart. Meanwhile, in order to transition out of the consolidation phase, the LINK cryptocurrency needs to gather buyers. Volume, however, is found to be lower than normal and must rise for LINK to signify its breakout.

With an estimated current price of $5.92, Chainlink has increased its market value by 0.15% in the past 24 hours. During the intraday trading session, trading volume surged by 6.70%. This suggests that buyers are trying to give LINK crypto a boost. The market capitalization to volume ratio is 0.04234. for LINK to record its consecutive breakthrough.

On the daily price chart, the on-chain price prediction indicates that the token is in a consolidation phase. As LINK reaches the upper price range of the long-term consolidation phase, the change in volume, which is now below normal, must increase. The price of the LINK cryptocurrency stabilized between $5.72 and $9.55.

What do technical indicators suggest about Chainlink price?

For the chain link price to officially exit the consolidation period on the daily price chart, buyers need to come together. Technical signs indicate the sideways movement of the LINK cryptocurrency.

The consolidation period of the LINK cryptocurrency is displayed by the relative strength index. At 38, the RSI is unchanged below neutral. The sideways momentum of LINK crypto can be seen in MACD. The MACD line attempts to hold at this level in order to advance into the upper price range of the consolidation phase.

Summary

Since May 2022, according to Chain link price prediction, the token has consolidated in the long-term consolidation phase. The LINK cryptocurrency needs to climb to the top of the long-term consolidation phase of the daily price chart. As LINK reaches the upper price range of the long-term consolidation phase, the change in volume, which is now below normal, must increase. Technical signs indicate the sideways movement of the LINK cryptocurrency.

Technical levels

Support levels: $5.72 and $5.40

Resistance levels: $6.50 and $7.70

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and away from traditional currency exchange systems. She is also intrigued by blockchain technology and how it works.

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