Chainlink (LINK) Gains Momentum, Eyes Breakout Amid Positive Fundamentals
• Chainlink (LINK) is currently trading in a horizontal range and has seen positive developments due to the integration of its systems with DeFi protocols.
• Crypto analyst Michael van de Poppe believes that these bullish indicators will sustain in the near future, projecting an expansion of LINK’s price towards $15.
• The LINK price finds support from the 50 and 200 moving averages which have served as crucial levels, further reinforcing the analyst’s expectation for a surge beyond $9.5.
Chainlink Gains Momentum
The Chainlink (LINK) army has been accumulating in a horizontal range since May last year without a clear breakout. However, recent developments in the altcoin market triggered by the XRP case last week, are causing experts to believe that Chainlink could secure a breakout soon.
The ecosystem has seen significant positive developments with various DeFi protocols integrating their systems with Chainlink’s price feed oracles; making it almost necessary for new protocols to integrate with Chainlink. Additionally, decentralized data node operators within the network contribute to secure and scalable provision of independent data, while daily trading volume surged by 187% reaching around $562 million within 24 hours.
Price Expansion Prediction
Respected crypto analyst Michael van de Poppe expects these bullish indicators to sustain into the near future; predicting an expansion of LINK’s price towards $15 after a recent forced liquidation below consolidation range border- providing Bitcoin holds crucial support at around $30k.
Moving Averages Support
On the daily time frame, the LINK price finds additional support from two key moving averages- 50 and 200- which have been serving as important levels. This reinforces expectations that Chainlink could easily rally beyond $9.5 if Bitcoin drops significantly.
With numerous positive developments within the Chainlink ecosystem and expert predictions for a potential breakout soon, there is much optimism surrounding Chainlink’s current trajectory going forward into 2023.