Is it too late to buy Chainlink? Crypto experts give their LINK price predictions
The Chainlink price has fallen by 0.5% in the last 24 hours, falling to $8, as the cryptocurrency market as a whole declines by 1.5% in the same time frame. The current price means it has risen by 12.5% in the past week and by 20% in the past 30 days, with the altcoin up 43% since the start of the year.
Some analysts are now predicting that LINK will break through to $10 in the coming weeks, helped by a combination of price momentum and growing use of Chainlink. And with some supporters expecting Chainlink’s partnership with SWIFT to connect the decentralized oracle network with over ten thousand banks, LINK could end up gathering massively in the longer term.
Is it too late to buy Chainlink? Crypto experts give their LINK price predictions
LINK’s chart is in a very promising place right now, with indicators suggesting that it may be on the rise. First, the 30-day moving average (red) recently climbed above the 200-day average (blue), forming a “golden cross” that could indicate a breakout rally.
At the same time, the coin’s relative strength index has risen from just under 50 in the middle of the month to over 60. Again, this indicates increasing buying pressure which may continue to gather momentum for a while before it plays out.
If LINK can break through the $8 resistance level, it could continue to rise for a little while longer while consolidating around new long-term levels. In fact, some experts have suggested that it will rise to $10 in the not-so-distant future, with Michaël van de Poppe – the founder of Dutch trading platform Eight – being the most prominent analyst to suggest this.
Naturally, LINK supporters and community members believe that the altcoin price is about to “explode”, although what this might mean in price terms is anyone’s guess.
At the other end of the spectrum, some analysts have predicted that a sell-off could be imminent. This suspicion is largely based on the fact that LINK’s price is currently above its moving averages, suggesting that a drop must occur.
Despite such concerns, however, there are many reasons to be optimistic about LINK. This is mostly due to the original platform, Chainlink, which has witnessed increasing adoption and usage in recent months.
For example, Wednesday saw the news that stablecoin TrueUSD (TUSD) will use Chainlink’s network to provide proof that there are sufficient reserves in the stablecoin issuer’s bank for all newly minted TUSD. This is done in collaboration with an accounting company called The Network Firm, which will feed backup data to Chainlink.
This highlights the important role Chainlink will play in connecting the cryptocurrency sector and market with the external role, and in providing the kind of blockchain-based trust necessary for individuals and organizations to operate securely across distributed networks.
News of Chinalink’s involvement with TrueUSD helped push LINK up from about $7.36 on Wednesday to as high as $8.15 yesterday. And for some LINK holders, Chainlink’s partnership with Swift — announced in September 2022 — will see this price rise even higher in the longer term, given that it could lead to thousands of banks using Chainlink.
There are other things to look forward to when it comes to LINK Chainlink is also in the process of rolling out staking on its network. Needless to say, this will increase the demand for LINK, given that investors will be able to earn stake rewards by holding it.
And with Chainlink boasting that it now has nearly 1,000 oracle networks established and over 7 billion data points, it’s clear that the platform is attracting a lot of use. Because of this, LINK has a really good chance to pass $10 as some experts are predicting, and to rise even higher as the year progresses.
Buy Chainlink now
Is now a good time to buy LINK?
Although LINK is potentially due for a rally, it may not see major gains until later in the year. However, there are other promising tokens in the market right now and we have collected them in a list of the 15 best cryptocurrencies for 2023, as analyzed by CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects, so be sure to check back for new entries.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
