Chainlink currently ranks 22nd on the list of global cryptocurrencies. It hit the highest trading value in May last year. It has come a long way since then, but prices are not doing any good to its trades.
Experts believe that the price of LINK is directly related to how well BTC performs on the trading board. Bitcoin, however, is experiencing a halt at around $42,000. The only cryptocurrency to witness a high jump is Ripple, with a figure of 8%.
Chainlink’s Best Case Scenario
Many altcoins have shown a tiny improvement in their values. The future rise is uncertain for them, but experts believe that Chainlink could bounce back.
The trading value of Chainlink is currently at $15.74. It has lost 3.73% in the last 24 hours and is down by 17.57% since the past seven days. This optimistic Chainlink price prediction states that the cryptocurrency will bounce back to the range of $27 and $35 by the end of the current year.
LINK recently went on a downward trend after bulls smashed through support at $18 to resist the mark of $19. The value has been fluctuating between $14 and $18. The fluctuation began after the false breakout was reported on February 07.
Believe it or not but that achievement is linked to how well BTC performs in the market. LINK does well only if BTC goes sideways after hitting the bullish mark on the trading board.
According to Benjamin Cowen, a crypto analyst, LINK is trading way below its bull market support brand.
The bull market support brand for LINK is made up of a 21-week exponential moving average and a 20-week simple moving average.
Benjamin Cowen said that LINK was attempting to reclaim its previous high from the Summer of 2020 while getting closer to its bottom range.
According to Cowen,the ideal scenario for LINK will occur after BTC trades above its bull market support zone while going sideways.
The bull market zone for BTC is in the range of $47,000 and $51,000; however, it is currently trading at a halted value of around $42,000. There have been several improvements, but the value appears to have been stuck there for a while.
LINK’s price last touched the highest value in July 2019, August 2020, and May 2021. These are the periods why BTC was moving sideways above its bull market zone.
BTC is expected to bounce back to its original high in the coming years. This means that one can also expect LINK to move above its current trading value.
A value of $46,200 is being termed as a crucial value for Bitcoin in order to touch a higher mark. This will automatically make the range of $50,000 and $53,000 the next stop for BTC.