- Chainlink’s native cryptocurrency, LINK, is set for a rebound from its current $14 price, according to a positive TD Sequential buy signal.
- Prominent analysts predict substantial returns for the asset, backed by favorable on-chain metrics indicating a bullish move.
Chainlink’s LINK is set for a rebound, with analysts predicting substantial returns. Favorable on-chain metrics indicate a bullish move.
LINK Price Predictions
Chainlink’s native cryptocurrency – LINK – is another digital asset that has suffered the negative effects of the recent market correction. Its price has fallen nearly 8% in a week, currently hovering around the $14 mark. However, some prominent analysts believe that this negative trend may soon be replaced by a rally. For instance, Ali Martinez, a well-known analyst, claimed that the TD (Tom DeMark) Sequential is flashing a buy signal on the Chainlink 12-hour chart. He believes LINK’s valuation could rise to $15.50 if it maintains above the major resistance level of $13.87.
Technical Indicators and Analyst Predictions
The TD Sequential is a technical indicator primarily used to identify the timing of market reversals. It was developed by Thomas DeMark and is popular among traders for its ability to provide signals based on the exhaustion of current price trends. Another analyst, Michael van de Poppe, outlined a bullish forecast for LINK. He believes the token is among the top 5 altcoins that can generate a 3x increase in BTC with the lowest amount of risk. The other assets part of this group include Optimism (OP), WOO (WOO), Celestia (TIA), and SKALE (SKL).
Additional Bullish Forecasts
Crypto Wolf and SlumDOGE Millionaire have also recently predicted a bright future for LINK. The former added the asset to the list of “mooners” for the next bull cycle, while the latter argued it is one of the top “blue chip” cryptocurrencies at the moment. Some on-chain metrics suggest a rally, too. According to CryptoQuant’s data, LINK exchange netflow has been predominantly negative in the past month, suggesting a shift from centralized platforms toward self-custody methods. This is considered bullish as it reduces the immediate selling pressure.
Conclusion
In conclusion, despite the recent market correction, LINK is poised for a rebound. Analysts predict substantial returns for the asset, backed by favorable on-chain metrics. The TD Sequential buy signal and the shift from centralized platforms towards self-custody methods further bolster this bullish outlook.
