ChainLink (LINK) Price Potentially Reversing to Surpass $10

2023-07-18, 09:40

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/1684401663RDZZ.jpeg)
Market analysts believe that the <a href="/uk/price/link-ln" target="_blank" class="blog_inner_link">LINK price</a> will rise above $10 during 2023.

The Chainlink token attained its all-time-high (ATH) in 2021 during the bull market.

According to prevailing market permutations if the price of <a href="/uk/price/link-ln" target="_blank" class="blog_inner_link">LINK</a> drops below $4.69 it may witness a sharp downward price spiral.

**Keywords**: ChainLink price, smart contracts, Chainlink token, Chainlink decentralized oracle network, <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> token, Bull Market
## Introduction 
Technical analysis helps traders to make informed decisions when trading cryptocurrencies such as Ethereum token, <a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, and LINK. Support and resistance levels are some aspects of price actions that enable traders to predict future changes in values of cryptocurrencies.

Today, we analyze possible price movements of LINK, the native token of the [ChainLink decentralized oracle network](https://www.gate.io/learn/articles/what-is-linktoken/233 "ChainLink decentralized oracle network").
## LINK Appears Bullish Amid a Promising Second Half Period (2023)
LINK seems to be consolidating its market position after recently avoiding breaking below a key support level. Although the Chainlink market outlook is bullish the short-term market situation is bearish as it has initiated a market price retracement. Nevertheless, the market expects LINK to attain a new high in the near future.

Read also: [Chainlink 2.0 - A game changer?](https://www.gate.io/learn/articles/chainlink2-a-game-changer/292 "Chainlink 2.0 - A game changer?")

During the first week of July LINK had been trading above the $5.80 support level. However, it faced stiff resistance at the $8.90 price level. It is important to note that the $5.80 price level has been the most reliable support level for LINK for over a year now.

At the time of writing, 15 July, the price of LINK is $6.90 which is well above $5.80 but equally lower than $8.90. Therefore, it is moving sideways in the channel between $5.80 and $8.90. The following graph shows LINK’s price movement for the last 30 days. 
![](https://gimg2.gateimg.com/image/article/16896731231.png)
LINK Price Movement - CoinGecko

Despite LINK’s recent price rise that has surpassed $7.00, it had been fluctuating between $5.80 and $6.67 for several weeks. The last time LINK was below $5.80 was on 23 June.

Nevertheless, during the first week of July the LINK’s relative strength index (RSI) showed a neutral reading which was correct since it had very slight price changes for the next 7 days.

By the way, the [RSI indicator shows whether or not the asset is overbought or oversold](https://www.gate.io/blog_detail/1696/3-best-relative-strength-index-rsi-strategies-for-beginners-and-professionals. "RSI indicator shows whether or not the asset is overbought or oversold"). An RSI reading which is 50 or above shows that the market is bullish while a reading below 50 indicates bearish momentum.
## LINK Price Prediction
As said above, during the first week of July the RSI showed neutral readings. However, the wave theory gives us a clue on LINK’s next possible moves. For example, since the June 10 bottom LINK has completed a five-wave increase which indicates that it has started a bullish trend reversal.

Since it is within an A-B-C corrective structure, the correction is likely to end at the 0.5 Fib retracement support level where the price is $5.73. Also, as the current price rise is the first wave of a five-wave upward price movement LINK is most likely to break above $9.00 and surpasses $10.00.  This price thrust is supported by the RSI which is above 50 and is still increasing as the next diagram shows. 
![](https://gimg2.gateimg.com/image/article/16896731532.png)
LINK Price Movement - TradingView

Nevertheless, if the LINK price falls below $4.69 it is likely that it will get into a strong bearish momentum. We can also study LINK’s historic price movement to understand its behavior. 
## Historic Price Movement of ChainLink (LINK)
Chainlink conducted an Initial Coin Offering (ICO) in 2017 when 35% of the total supply went on the market. It started at an initial price of $0.19 but its value increased by 440% to $1.29 in January 2018.

However, from the beginning it seems that the price of LINK has a tendency to rise sharply and fall again within a short period. Therefore, after the 440% increase its value dropped by 80%. In 2018 it had three key rallies which were followed by price drops. As a result, the value of LINK at the end of 2018 was $0.30.

However, 2019 was a better year for LINK than 2018 as it gained significantly. For example, by the end of May 2019 it was trading at $0.50. Thereafter, it had a price surge of 675% which pushed its value to $3.89 at the end of June. Like before, its price dropped again, this time by almost 50% to $1.82.

Again, LINK gained remarkably in 2020. Its price constantly increased during the first quarter. At one time it reached $5.00 before slumping by almost 50% to $ 2.00 in March. From there the price rose astronomically to $20 in August. Sadly, the price crashed again to $8.10 in September of the same year. Nonetheless, it experienced less volatility for the remainder of the year. As a result, at the end of 2022 it was trading at $11.50.

<a href="/uk/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP price</a> momentum continued during the 2021 bull market when, at one time, it attained an all-time-high of $36.93 in February which thrust its market capitalization to over $14 billion. 
## The Nature of ChainLink ’s Price Movement
If you are a seasoned follower of Chainlink, you can tell that it tends to follow a boom-and-bust cycle. With this price movement pattern, growing excitement leads to a sudden rise in the asset’s value. Nevertheless, it is followed by a period of doubt and disillusionment which results in a significant fall.

There are several factors that influence LINK ’s explained price movement. Primarily, [the Chainlink price](https://www.gate.io/price-prediction/chainlink-link "the Chainlink price") seems to respond to the project news, public sentiment, <a href="/uk/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> of assets on exchanges and the performance of the crypto sector as well as the global economy. 
## Conclusion 
Chainlink token which was launched on the market in 2017 has been experiencing spikes and crashes over the years. It started with a value of $0.19 in 2017 before attaining its all time high of $36.93 in 2021. Nonetheless, the market expects LINK to rise above $10 during the current year.
## FAQs about ChainLink
### What is ChainLink LINK?
LINK is a native token for [ChainLink, a decentralized Oracle network](https://www.gate.io/blog_detail/817/gatechain-launches-gateoracle-a-new-decentralized-oracle-feature "ChainLink, a decentralized Oracle network") that provides real world data to various smart contracts on the blockchain. LINK is an ERC667 and as such it exists on the Ethereum blockchain. 
### Can LINK reach $1,000? 
LINK is likely to reach a value of $1,000 after 2030. However, it is likely to trade at around $100 by 2025. 
### Is ChainLink a good investment? 
Chainlink promises to be a very good cryptocurrency to invest in since it has much utility as it supports one of the leading data oracle protocols. It is likely to yield good returns in both the short term and long-term periods. 
### How to buy ChainLink?  
You can [buy ChainLink at various cryptocurrency exchanges like Gate.io](https://www.gate.io/how-to-buy/chainlink-link "buy ChainLink at various cryptocurrency exchanges like Gate.io"). At Gate.io people can buy cryptocurrencies using Credit cards, P2P trading and wire transfer.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

Поділіться