Chainlink Eyes Next Critical Resistance at $16.38 But This Analyst Targets $100
Chainlink (LINK) is trading at around $15.42, a 4.4% decline in 24 hours, after finding support at $15.24 following a drop from $16.36. Despite short-term declines, it has gained 3.7% over 7 days, though it remains down in the 14-day and monthly timeframes. The Relative Strength Index (RSI) at 41.00 indicates a bearish sentiment and selling pressure but shows signs of weakening bearish momentum. Analysts are divided, with Ali Martinez identifying a 'no-trade zone' between $13 and $26, predicting significant movement outside this range. Another investor, Jordan, is bullish, expecting LINK could surpass $100 by year-end, a potential 500% increase.
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Current Chainlink Price Movements
Chainlink (LINK) is currently eyeing key resistance at $16.38, with analysts suggesting a potential breakout despite a recent short-term decline. The price seems to have found temporary support at $15.24, down from the previous day’s high of $16.36.
Recent Trading Performance
At the time of writing, LINK is trading at around $15.42, marking a 4.4% decline over the past 24 hours. While the 7-day movement shows a 3.7% gain, the 14-day and monthly timeframes reflect losses of 1.7% and generally sit in the red zone. These fluctuations lead to the question: Will Chainlink manage to defy bearish momentum and bounce back upward?
Technical Indicators: The Role of RSI
The Relative Strength Index (RSI) currently stands at 41.00, signaling a slight bearish sentiment as it remains below the neutral level of 50. Although the RSI is not yet in oversold territory, it indicates that recent price movements are driven by selling pressure. Interestingly, the RSI shows a slight upward divergence from mid-October to mid-November, suggesting a weakening bearish momentum that could have implications for LINK's short-term trajectory.
Analyst Perspectives on Chainlink's Price Range
The sentiment among analysts remains mixed. Notably, analyst Ali Martinez categorized the price range of $13 to $26 as a "no-trade zone" for Chainlink (LINK), advising against any significant trade activity in this range. According to Martinez, a major price movement will happen only when LINK breaks out of this range, either upwards or downwards.
Bullish Optimism from Investor Jordan
On the other hand, Investor Jordan maintains a highly bullish outlook on Chainlink. He states, "I've said it before and I'll say it again... I believe $LINK is a monster in the making🔥". Jordan even predicts that Chainlink could trade above $100 before the end of the year. This would represent an over 500% increase from the current price levels, demonstrating his strong confidence in LINK's future potential.