Chainlink Price Prediction: LINK Retests $7 Support

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Chainlink outperformed most altcoins in September, posting a 35% rally to $8.2. However, the sharp correction witnessed in October has many analysts questioning if the rally was merely a purchase the rumor promote the information narrative.

The largest decentralized blockchain oracle resolution protocol ranks #19 amongst all cryptocurrencies, together with stablecoins. It has dipped 5.4% during the last seven days and a couple of.3% within the final 24 hours.

Trading quantity has been on an upward drift as the worth dips, revealing a spike in promoting strain. Chainlink price is doddering at $7.16 on Thursday as bulls rush to set camp at $7 in a bid to arrest the bearish state of affairs.

Is Chainlink Price Poised To Resume the Uptrend?

Chainlink’s massive upswing in September had most buyers believing that the token would make it above $10. However, a pullback was due, with the resistance it encountered at $8.2. For the uptrend to proceed, LINK wanted to comb by means of decrease help areas to gather liquidity.

This help space could also be mendacity at $7 however merchants should maintain their minds open, contemplating the Moving Average Convergence Divergence (MACD) reveals a promote sign. This name to promote LINK manifested on October 6 with the blue MACD line crossing under the pink sign line.

The 21-day Exponential Moving Average (EMA) (pink) limits motion to the upside. Hence, resistance at $7.33 should come out of the best way for bulls to totally take management of Chainlink’s motion.

Chainlink price prediction chart — LINK/USD day by day chart | Tradingview

Breaking the quick help at $7 would indicate that bulls lengthen the seek for help to the confluence at $6.8 shaped by the 100-day EMA (blue) and the 200-day EMA (purple).

Chainlink Whales Buying The Dip

Blockchain analytics platform Santiment lately reported a 6% enhance within the variety of addresses with between 100k and 10 million LINK in comparison with September 18. According to Santiment, following whale exercise usually portends the course of the market.

🐳🦈 #Chainlink‘s market worth sits at $7.31, buying and selling forward of most of #crypto over the previous 12 hours. Watch the place sensible cash goes, notably wallets with between 100K to 10M $LINK, which have 6% extra addresses on this vary in comparison with Sep. 18th. https://t.co/80kUW3q9Hj pic.twitter.com/kUY9TL9K1J

— Santiment (@santimentfeed) October 11, 2023

Large quantity holders may very well be shopping for the dip following the leap to $8.2. With curiosity in LINK rising, the subsequent rebound may very well be vital and push the token above $10.

Meanwhile, Chainlink is discovering itself on the core of the tokenization of real-world property (RWAs), with buyers assured that the protocol’s token LINK may very well be the “safest bet” when searching for publicity and taking advantage of the hype.

K33 analyst David Zimmerman mentioned in a current report “If we wish to have exposure to the RWA narrative and avoid being sidelined when it takes off, LINK is the safest bet.”