Chainlink has been moving upwards in the past week due to the bullish trend in the market. However, the recent timeframes show a decrease of bullish momentum for the cryptocurrency. While the coin gained by 25% in the past week, the price saw a decrease of 2% in the daily timeframe. At the time of writing, LINK coin stands at a price level of $19.05. The trading volume of the coin has also suffered with a decrease of more than 25% in a single day. The fourteenth largest cryptocurrency has a market capitalization of $8.3 billion.

Technical analysis

The market sentiment for Chainlink has turned neutral. Ten of the total twenty-six technical indicators are giving out a signal of buy. Nine indicators of the rest are standing at a sell position while seven are neutral. The oscillators are mainly neutral while the moving averages are bullish.

Chainlink crypto has been identified to be operating in an ascending channel formation. The cryptocurrency has suffered from high bearishness but managed to remain inside the channel. It has been oscillating up and down inside the formation. At the moment, LINK coin is testing the support level at the lower boundary of the formation. The recent weekly candles are bullish which may suggest the support level has been established. The cryptocurrency is expected to reach towards the upper boundary of the formation as it is on a coherent wave count. Although the recent bearishness may pose as a hindrance in its trajectory.

Chainlink price prediction

Chainlink is a decentralized oracle which gained enormous popularity in the 2021 bull run. The offering of the network is believed to become crucial to the blockchain space in the future and; hence, boost its value. The future outlook for the cryptocurrency is expected to be bullish. According to the estimates of Wallet Investor, Chainlink will reach $40 in a year’s time while the five-year price projection is at $128. Digital Coin Price a price level of $46 by 2024.