Chainlink (LINK), a prominent provider of reliable price oracles for DeFi developers, appears poised for a significant breakthrough after several months of consolidation. The Chainlink ecosystem boasts a robust community comprising node operators, data consumers, and investors. Furthermore, the Chainlink team’s collaboration with developers through the BUILD program has strengthened its position in the crypto space.
Chainlink Price Rally
A renowned crypto analyst, Altcoin Sherpa, shared insights on Chainlink’s future performance, predicting it to be one of the leading performers in the upcoming crypto bullish cycle. From a technical standpoint, Altcoin Sherpa noted that LINK has remained within a price range of $5.527 to $9.33 for the past 505 days, with an average trading volume of approximately $2.7 billion.
Altcoin Sherpa emphasized that LINK may not be ideal for active trading but is a reliable choice for long-term investment, suggesting holding it for a minimum of six months.
Although a weekly death cross between the 50 and 200 Moving Average (MA) indicators may indicate short-term weaknesses, the rising divergence on the weekly Relative Strength Index (RSI) has increased the likelihood of an imminent breakout. Notably, LINK’s price closed above the 50 MA the previous week.
In the past, when LINK attempted to rally beyond the upper boundary of the horizontal range, it resulted in capitulation and significant liquidation. With increasing buyers showing interest in Chainlink, crypto analysts are confident in its performance during the next crypto cycle.
Market Overview:
On Monday, the Chainlink ecosystem had a Fully Diluted Valuation (FDV) of approximately $7.2 billion, with a 24-hour average trading volume of around $214 million. According to our latest crypto price oracles, LINK’s price was trading at approximately $7.22, marking an increase of about 1.3 percent in the past 24 hours.
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