{"id":173135,"date":"2023-10-13T00:13:17","date_gmt":"2023-10-12T18:43:17","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173135"},"modified":"2023-10-13T00:13:17","modified_gmt":"2023-10-12T18:43:17","slug":"chainlink-price-prediction-link-retests-7-support-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/chainlink-price-prediction-link-retests-7-support-crypto-news\/","title":{"rendered":"Chainlink Price Prediction: LINK Retests $7 Support – Crypto News"},"content":{"rendered":"

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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 wondering if the rally was simply a buy the rumor sell the news narrative.<\/p>\n

The largest decentralized blockchain oracle solution protocol ranks #19 among all cryptocurrencies, including stablecoins. It has dipped 5.4% over the last seven days and 2.3% in the last 24 hours.<\/p>\n

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Trading volume has been on an upward drift as the price dips, revealing a spike in selling pressure.\u00a0Chainlink price<\/a>\u00a0is doddering at $7.16 on Thursday as bulls rush to set camp at $7 in a bid to arrest the bearish situation.<\/p>\n

Is Chainlink Price Poised To Resume the Uptrend?<\/h2>\n

Chainlink\u2019s massive upswing<\/a>\u00a0in September had most investors 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 continue, LINK needed to sweep through lower support areas to collect liquidity.<\/p>\n

This support area may be lying at $7 but traders must keep their minds open, considering the Moving Average Convergence Divergence (MACD) reveals a sell signal. This call to sell LINK manifested on October 6 with the blue MACD line crossing below the red signal line.<\/p>\n

<\/p>\n

The 21-day Exponential Moving Average (EMA) (red) limits movement to the upside. Hence, resistance at $7.33 must come out of the way for bulls to fully take control of Chainlink\u2019s movement.<\/p>\n

\"Chainlink<\/a>
LINK\/USD daily chart | Tradingview<\/figcaption><\/figure>\n

<\/p>\n

Breaking the immediate support at $7 would imply that bulls extend the search for support to the confluence at $6.8 formed by the 100-day EMA (blue) and the 200-day EMA (purple).<\/p>\n

Chainlink Whales Buying The Dip<\/h2>\n

Blockchain analytics platform Santiment recently reported a 6% increase in the number of addresses with between 100k and 10 million LINK compared to September 18. According to Santiment, following whale activity often portends the direction of the market.<\/p>\n

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\ud83d\udc33\ud83e\udd88 #Chainlink<\/a>‘s market value sits at $7.31, trading ahead of most of #crypto<\/a> over the past 12 hours. Watch where smart money is going, particularly wallets with between 100K to 10M $LINK<\/a>, which have 6% more addresses in this range compared to Sep. 18th. https:\/\/t.co\/80kUW3q9Hj<\/a> pic.twitter.com\/kUY9TL9K1J<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) October 11, 2023<\/a><\/p>\n<\/blockquote>\n

Large volume holders could be buying the dip following the jump to $8.2. With interest in LINK rising, the next rebound could be significant and push the token above $10.<\/p>\n

Meanwhile,\u00a0Chainlink<\/a>\u00a0is finding itself at the core of the tokenization of real-world assets (RWAs), with investors confident that the protocol\u2019s token LINK could be the \u201csafest bet\u201d when seeking exposure and profiting from the hype.<\/p>\n

K33 analyst David Zimmerman said in a recent report \u201cIf we wish to have exposure to the RWA narrative and avoid being sidelined when it takes off, LINK is the safest bet.\u201d<\/p>\n

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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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 wondering if the rally was simply a buy the rumor sell the news narrative. The largest decentralized blockchain oracle solution protocol ranks #19 among all cryptocurrencies, including stablecoins. It has dipped 5.4% over […]<\/p>\n","protected":false},"author":2,"featured_media":173136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-173135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=173135"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173135\/revisions"}],"predecessor-version":[{"id":173138,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173135\/revisions\/173138"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173136"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=173135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}