Chainlink price prediction for January 2024 remains bullish if it sustains above the $14.00 support level. Having already seen an 11% increase in the current month, buyers are making efforts to push through the $17.00 barrier, which, if successful, could pave the way for a new phase of the rally and lead to new swing highs.
The current chart pattern for Chainlink (LINK) crypto is showing mild bullishness, indicating a potential for a sharp rise in the near future. Any short-term downturns in the price of LINK may be absorbed near its support levels. While there have been multiple unsuccessful attempts to break the $17.00 barrier in the last eight weeks, the price has managed to maintain support near the 50-day EMA. However, investors should remain cautious and wait for confirmation of a breakout above $17.00 before initiating new long positions.
The possibility of Chainlink reaching the $20.00 mark by January 2024 is being considered, especially as the price of LINK is currently exhibiting an uptrend. As long as it remains above the $14.00 level, buyers are expected to maintain their dominance, with the next significant move being a potential breakout above $20.00.
Additionally, the formation of a bullish hammer candle at the current price of $16.075 suggests that buyers are likely to push for a rebound. Furthermore, the MACD curve holding above the zero line and the RSI at 56 both indicate mild bullishness and potential upside momentum.
In conclusion, the Chainlink price prediction indicates a short-term rise, particularly if buyers can successfully overcome the $17.00 hurdle. This analysis suggests that LINK may outperform and achieve new swing highs.
Technical levels:
– Resistance levels: $18.330 and $20.001
– Support levels: $14.000 and $12.853
As an informational disclaimer, it’s important to note that the views expressed in this article are for informational purposes only and do not constitute financial or investment advice. It’s imperative to understand the risks involved in investing or trading crypto assets.
Nancy J. Allen is a crypto enthusiast with a background in macroeconomics and business statistics. She is passionate about the potential of cryptocurrencies to redefine financial systems and is particularly interested in blockchain technology. Allen conducts extensive research on top altcoins, their underlying principles, and technical price predictions.
