- Bullish LINK price prediction is $8.087 to $12.595.
- Chainlink’s (LINK) price might also reach $20 soon.
- LINK’s bearish market price prediction for 2023 is $3.474.
In this Chainlink (LINK) price prediction 2023, we will analyze the price patterns of LINK by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
Chainlink (LINK) Current Market Status
| Current Price | $5.14 |
| 24 – Hour Trading Volume | $145,612,534 |
| 24 – Hour Price Change | 0.92% Down |
| Circulating Supply | 517,099,970.45 |
| All – Time High | $52.88 (on May 09, 2021) |
LINK Current Market Status (Source: CoinMarketCap)
What is Chainlink (LINK)?
Chainlink is a blockchain-based cryptocurrency network. Chainlink provides a link between the real-world and smart contracts. Multiple subcontracts can be generated in Chainlink, which also takes data from only the most trusted nodes and oracles for premium accuracy.
Moreover, LINK is the digital belonging token used to pay for services on the Chainlink network. LINK can be bought and sold for traditional currency or other digital currencies. Through cryptocurrency exchanges, LINK can be purchased and stored in a crypto wallet and custodian like Gemini.
Chainlink (LINK) Price Prediction 2023
Chainlink (LINK) ranks 21st on CoinMarketCap in terms of its market capitalization. The overview of the Chainlink price prediction for 2023 is explained below with a daily time frame.
LINK/USDT Horizontal Channel Pattern (Source: Tradingview)
The above chart of Chainlink (LINK) laid out a horizontal channel pattern. A horizontal channel or sideways trend has the appearance of a rectangle pattern. It consists of at least four contact points. This is because it needs at least two lows to connect, as well as two highs. Buying and selling pressure is equal, and the prevailing direction of price action is sideways. Horizontal channels provide a clear and systematic way to trade by providing buy and sell points. When the price hits the top of the channel, sell your existing long position or take a short position. The difference between the other two is that a horizontal channel is characterized as having equal highs and lows.
At the time of analysis, the price of Chainlink (LINK) was recorded at $5.157. If the pattern trend continues, then the price of LINK might reach the resistance levels of $7.151, $9.688, and $17.778. If the trend reverses, then the price of LINK may fall to the support of $5,279.
Chainlink (LINK) Resistance and Support Levels
The chart given below elucidates the possible resistance and support levels of Chainlink (LINK) in 2023.
LINK/USDT Support and Resistance Levels (Source: TradingView)
From the above chart, we can analyze and identify the following as the resistance and support levels of Chainlink (LINK) for 2023.
| Resistance Level 1 | $8.087 |
| Resistance Level 2 | $12.594 |
| Resistance Level 3 | $5.122 |
| Support Level | $3.474 |
As per the above analysis, if Chainlink (LINK) bulls take the lead, then it might hit and break through its resistance level of $12.594.
Conversely, if Chainlink (LINK) bears dominate the trend, the price of LINK might plunge to $3.474.
Chainlink (LINK) Price Prediction 2023 — RVOL, MA, and RSI
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Chainlink (LINK) are shown in the chart below.
LINK/USDT RVOL, MA, RSI (Source: TradingView)
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Chainlink (LINK) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the LINK price lies below 50 MA (short-term), indicating its downtrend. Hence, LINK is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of LINK is at 24.82. Therefore, this indicates LINK is in an oversold state.
Chainlink (LINK) Price Prediction 2023 — ADX, RVI
Let us now look at the Average Directional Index (ADX) of Chainlink (LINK). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system also attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
LINK/USDT ADX, RVI (Source: TradingView)
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of LINK lies in the range of 39.191 pointing out a strong trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of LINK lies below 50, indicating low volatility.
Comparison of LINK with BTC, ETH
Let us now compare the price movements of Chainlink (LINK) with that of Bitcoin (BTC) and Ethereum (ETH).
BTC Vs ETH Vs LINK Price Comparison (Source: TradingView)
From the above chart, we can interpret that the price action of LINK is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of LINK also increases or decreases respectively.
Chainlink (LINK) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Chainlink (LINK) between 2024 and 2030.
Chainlink (LINK) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Chainlink (LINK) might successfully test and surpass its resistance levels to hit $20 by 2024.
Chainlink (LINK) Price Prediction 2025
The significant upgrades in the Chainlink Ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Chainlink (LINK) price to reach $25 by 2025.
Chainlink (LINK) Price Prediction 2026
If Chainlink (LINK) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $30.
Chainlink (LINK) Price Prediction 2027
If Chainlink (LINK) sustains major resistance levels and stands as a better investment option in the market, then LINK would rally to hit $35.
Chainlink (LINK) Price Prediction 2028
If Chainlink (LINK) holds positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then LINK would hit $40 by 2028.
Chainlink (LINK) Price Prediction 2029
If investors flock in and continue to place their bets on Chainlink (LINK), then the crypto would witness major spikes. Hence, LINK might hit $45 by 2029.
Chainlink (LINK) Price Prediction 2030
By 2030, the LINK price might rally to $50 if the trend momentum aligns in favor of Chainlink. Furthermore, LINK would hold a positive market sentiment and be labeled as a long-term investment with a highly profitable ROI.
Conclusion
If Chainlink (LINK) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Chainlink (LINK) price prediction for 2023 is $12.594. Comparatively, the bearish Chainlink (LINK) price prediction for 2023 is $3.474.
If there is a positive elevation in the market momentum and investors’ sentiment, then Chainlink (LINK) might hit $20. Furthermore, with future upgrades and advancements in the Chainlink ecosystem, LINK might surpass its current all-time high (ATH) of $52.70 and mark its new ATH.
FAQ
1. What is Chainlink (LINK)?
Chainlink (LINK) is the native cryptocurrency of the Chainlink network. It was launched as an ERC-20 token in September 2017. Chainlink is an open-source decentralized oracle network that integrates off-chain data with smart contracts.
2. Where can you purchase Chainlink (LINK)?
Chainlink (LINK) has been listed on many crypto exchanges which include Binance, Bybit, Z.B.COM, OKX, Deepcoin, and BTCEX.
3. Will Chainlink (LINK) reach a new ATH soon?
With the ongoing developments and upgrades within the Chainlink platform, LINK has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Chainlink (LINK)?
On September 02, 2021, Chainlink (LINK) reached its new all-time high (ATH) of $52.70.
5. What is the lowest price of Chainlink (LINK)?
According to CoinMarketCap, LINK hit its all-time low (ATL) of $0.1263 on September 23, 2017.
6. Will Chainlink (LINK) reach $25?
Chainlink (LINK) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues then Chainlink (LINK) will hit $25 soon.
7. What will be Chainlink (LINK) price by 2024?
Chainlink (LINK) price is expected to reach $20 by 2024.
8. What will be Chainlink (LINK) price by 2025?
Chainlink (LINK) price is expected to reach $25 by 2025.
9. What will be Chainlink (LINK) price by 2026?
Chainlink (LINK) price is expected to reach $30 by 2026.
10. What will be Chainlink (LINK) price by 2027?
Chainlink (LINK) price is expected to reach $35 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
