{"id":553123,"date":"2023-09-27T16:00:44","date_gmt":"2023-09-27T16:00:44","guid":{"rendered":"https:\/\/wncen.com\/?p=553123"},"modified":"2023-09-27T12:58:36","modified_gmt":"2023-09-27T12:58:36","slug":"link-price-broke-critical-level-macro-downtrend-behind-analyst-forecasts","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink\/link-price-broke-critical-level-macro-downtrend-behind-analyst-forecasts\/","title":{"rendered":"LINK Price Broke Critical Level, Macro Downtrend Behind? Analyst Forecasts"},"content":{"rendered":"

The LINK price has been the best performer in the crypto top 20 by market cap over the past week, data from Coingecko shows. The cryptocurrency recently broke out of a critical level and a downtrend and seems poised to re-capture previously lost territory. <\/strong><\/p>\n

Related Reading: LINK Price Extends Increase, Will Chainlink Bulls Be Able to Hit $8.5 Milestone?<\/a><\/div>\n

As of this writing, the LINK price trades at $7.70 with a 4% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded a 12% profit<\/a> while other tokens in the top 20 have mostly seen losses, with Bitcoin Cash (BCH) standing as the exception along with Chainlink.<\/p>\n

\"Chainlink
LINK price trends to the upside on the daily chart. Source: LINKUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

LINK Price About To Start Uptrend?<\/h2>\n

When the LINK price broke below in early 2023, the cryptocurrency began to descend to its current levels. The price struggled to stabilize around $5.5, but once buyers stabilized the cryptocurrency around those levels, the token formed a sideways trend.<\/p>\n

Since May this year, the LINK price has been moving in this trend with a high of around $8. The chart below shows that trader Rekt Capital believes<\/a> the token\u2019s recent price action spells good news for LINK holders.<\/p>\n

\"Chainlink
LINK breaking about critical level on the weekly chart, more profits incoming? Source: Rekt Capital on X<\/figcaption><\/figure>\n

The chart above shows that LINK broke above an essential trend after closing a weekly candle above $7. Thus, the cryptocurrency could rise to $10.5 before meeting any critical resistance.<\/p>\n

If the token can extend its gains<\/a>, the next target could see LINK hitting $16.5 as an ultimate stand for bears to take back control and prevent a full-on bull run above $20.<\/p>\n

As of this writing, the crypto market, at least its two most important tokens, Bitcoin (BTC) and Ethereum (ETH), are playing along on short timeframes. These cryptocurrencies recorded a 2% and 2.4% profit in the last 24 hours.<\/p>\n

Stars Align For Chainlink<\/h2>\n

In addition to the favorable winds in the crypto market, the Chainlink platform is strengthening its fundamentals. Today, the platform launched<\/a> its Cross-Chain Interoperability Protocol (CCIP) on the Coinbase-backed second-layer network Base.<\/p>\n

Related Reading: Chainlink (LINK) Spikes 6% On The Weekly Chart As Market Sees Correction<\/a><\/div>\n

This integration is set to onboard more applications and use cases on the Chainlink network. Thus, the underlying asset could benefit from greater appreciation in the long run. John Eid, Chief Business Officer at Chainlink Labs said the following about the integration:<\/p>\n

Base and Chainlink are both building on the forefront of blockchain development as we work to bring the next wave of millions of new users into our industry. The scalability and technological creativity of Base as a layer 2 solution, combined with an ever increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services.<\/p><\/blockquote>\n

Cover image from Unsplash, Chart from Tradingview and Rekt Capital<\/p>\n","protected":false},"excerpt":{"rendered":"

The LINK price has been the best performer in the crypto top 20 by market cap over the past week, data from Coingecko shows. The cryptocurrency recently broke out of a critical level and a downtrend and seems poised to re-capture previously lost territory. Related Reading: LINK Price Extends Increase, Will Chainlink Bulls Be Able to Hit $8.5 Milestone? As of this writing, the LINK price trades at $7.70 with a 4% profit in the last 24 hours. Over the previous week, the cryptocurrency recorded a 12% profit while other tokens in the top 20 have mostly seen losses, with Bitcoin Cash (BCH) standing as the exception along with Chainlink. LINK Price About To Start Uptrend? When the LINK price broke below in early 2023, the cryptocurrency began to descend to its current levels. The price struggled to stabilize around $5.5, but once buyers stabilized the cryptocurrency around those levels, the token formed a sideways trend. Since May this year, the LINK price has been moving in this trend with a high of around $8. The chart below shows that trader Rekt Capital believes the token\u2019s recent price action spells good news for LINK holders. The chart above shows that LINK broke above an essential trend after closing a weekly candle above $7. Thus, the cryptocurrency could rise to $10.5 before meeting any critical resistance. If the token can extend its gains, the next target could see LINK hitting $16.5 as an ultimate stand for bears to take back control and prevent a full-on bull run above $20. As of this writing, the crypto market, at least its two most important tokens, Bitcoin (BTC) and Ethereum (ETH), are playing along on short timeframes. These cryptocurrencies recorded a 2% and 2.4% profit in the last 24 hours. Stars Align For Chainlink In addition to the favorable winds in the crypto market, the Chainlink platform is strengthening its fundamentals. Today, the platform launched its Cross-Chain Interoperability Protocol (CCIP) on the Coinbase-backed second-layer network Base. Related Reading: Chainlink (LINK) Spikes 6% On The Weekly Chart As Market Sees Correction This integration is set to onboard more applications and use cases on the Chainlink network. Thus, the underlying asset could benefit from greater appreciation in the long run. John Eid, Chief Business Officer at Chainlink Labs said the following about the integration: Base and Chainlink are both building on the forefront of blockchain development as we work to bring the next wave of millions of new users into our industry. The scalability and technological creativity of Base as a layer 2 solution, combined with an ever increasing number of Chainlink services, is a boon for developers looking to build the next generation of cross-chain applications and services. Cover image from Unsplash, Chart from Tradingview and Rekt Capital<\/p>\n","protected":false},"author":535,"featured_media":553135,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[16295,16097,79480],"class_list":["post-553123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-chainlink","tag-link","tag-linkusdt"],"acf":[],"yoast_head":"\nLINK Price Broke Critical Level, Macro Downtrend Behind?<\/title>\n<meta name=\"description\" content=\"The LINK price has been the best performer in the crypto top 20 by market cap over the past week, data from Coingecko shows. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"LINK Price Broke Critical Level, Macro Downtrend Behind? 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