CandleFocus

Chainlink price prediction as LINK forms a rare bullish pattern

Author: Content Editor
The Chainlink (LINK) price has formed a rare bullish pattern, indicating potential gains in the coming weeks. The token has jumped by 108% from its lowest level this year and reached $17 on Saturday, with the daily chart showing a golden cross pattern as the 50-day and 200-day EMA crossed. This pattern has historically led to significant price increases for Chainlink. Positive indicators such as the RSI and MACD are also supporting the bullish outlook. Fundamental catalysts, including strong demand in spot and future markets, Chainlink's important role as an oracle service provider, and its involvement in the tokenization industry, are further driving the price up. In addition, the ongoing DeFi renaissance has contributed to the increased amount of money in the industry, with the TVL reaching almost $100 billion. The next target for the LINK price is the psychological point of $20, with a potential further increase to the year-to-date high of nearly $23. Conversely, a drop below $15 would invalidate the bullish view and increase the likelihood of a decline to $10.

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