Chainlink Price Could Run To $31 In The Next Leg Up — Here’s Why
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this The last few months of the market cycle Usually characterized by various assets in the substitute market, this period is called the “Altcoin season”. Unfortunately, while the market cycle seems to have peaked, the story of cryptocurrencies in this category is exactly the opposite.
Specifically, chain link prices have risen by more than 50% over the past three months, highlighting the increasing climate in the cryptocurrency market. However, the future may not be all bleak, as the latest price outlook hints at the future of link tokens.
Is Chainlink price turnover a 100% relocation?
In a recent article on X platform, an encryption analyst with the pseudonym Satoshi Flipper shared An exciting analysis of the price of chain links. Crypto Pundit expects the link to mention the current layout of the current day-to-day price chart in the coming weeks, bringing the link up to $31.
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This bullish analysis is based on the emergence of wedge patterns dropped on the chain link price chart. The wedge pattern of descending is formed by technical analysis, characterized by two downward and fusion trend lines. The upper line connecting the lower high point and the lower low point connecting the lower low point.
Wedge – May rise or fall – is considered a continuation or reversal pattern based on price sales or outbreaks. In a descending wedge, if the upper limit of the price when it shrinks to the lowering line rises above the upper boundary, a trend reversal is determined.
As altcoins continue to exist in the current downward trend, this situation appears to be playing on the daily chain link price chart. However, a breakthrough above the upper trend line will indicate a shift toward an upward trend.
As shown in the above image, the price of the link appears to be testing the upper boundary line. If the successful shutdown is outside the falling wedge, Satoshi Flipper expects altcoins to soar to $31.
When writing, The value of the link Hovering around $14, reflecting a leap of more than 2% over the past 24 hours. The transfer of the chain link price to $31 will represent more than 100% of the current point.
640,000 link tokens flow out of centralized exchange
According to crypto expert Ali Martinez, most link investors have moved their tokens out of centralized exchanges. Latest data from Santiment show Over 640,000 links have left encrypted communication in the past 24 hours.
The magnitude of this exchange outflow supports the current bullish prognosis for chain link prices, which means the supply of tokens for exchanges (providing trading services) contracts. With fewer tokens available for sale on the open market, Altcoin’s price will face less sales pressure.
However, it is worth mentioning that this significant exchange outflow may be related to Chainlink’s quarterly token unlocking, which will release 19 million link tokens on Friday, March 15.
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Featured images from Istock, charts for TradingView
