Many experts are interested in Chainlink (LINK) because it is doing well in the crypto market and has a good mix of volatility and security. The market is pretty stable right now, and Chainlink’s technical trends point to a bright future.
New technical studies show that the price, which is currently $14.10, could go up. Even though LINK has gone down since its recent high point, crypto expert Ali Martinez has seen a head-and-shoulders pattern on the 4-hour chart that could mean LINK is about to turn around.
Chainlink Head and Shoulders
The head (the middle peak) is the tallest in this design. It is surrounded by two smaller peaks, which are called the shoulders. Usually, a drop below the neckline, which is at $14.63 right now, would mean that the trend is going down. In contrast, Martinez says that keeping the price above $14.70 could stop this drop and prepare the market for a significant spike to $18.30.
CoinCheckup says that Chainlink is selling about 90% below what it is expected to be worth next month, which means that it is significantly undervalued. This means that LINK is probably not priced as highly as it should be given its future possibilities.
There is reason to be optimistic because of the market and technical signs. Prices are expected to rise by 35% in the next three months, which could mean that things will settle down and start to get better. Longer-term predictions are even more optimistic, expecting a 140% rise in six months and a 76% rise by the end of the year. This shows that Chainlink has a lot of potential to go up in value.
Chainlink’s recent price changes have been affected by the larger dynamics of the market, such as Bitcoin’s neutral candlestick patterns and small weekend turbulence.
Since Chainlink is trading above both the 20-day and 50-day moving averages, there are clear signs of good market health. The Average Directional Index (ADX) has also gone down to 25%, which shows that the trend of falling prices is slowing down. This means that the price of LINK may be going up soon.
