It has been just revealed that we have some pretty optimistic predictions for LINK these days. Check out the latest reports about the price of the digital asset below.
Breakout rallies for LINK to reach the crypto space
According to a notable crypto strategist, the decentralized oracle network Chainlink (LINK) is likely to experience further growth.
In a recent video, analyst Kevin Svenson, who has over 70,700 followers on YouTube, suggests that LINK may soon reverse its multi-year decline after surpassing a critical long-term indicator.
Svenson explains that Chainlink has broken through the 500-day SMA (simple moving average), which is the longest moving average. Crossing this threshold is often indicative of a significant macro shift taking place.
According to Svenson, Chainlink may be on the verge of a reversal, which could lead to a short-term surge in the price of the Ethereum-based altcoin. However, he also believes that LINK needs more time before entering a full-blown bullish trend.
Currently, there is a significant resistance line at around $10.90, with the area of interest being between $10.13 and $11.
If there is a breakout, the price could potentially test the $11 mark, but it is likely that Chainlink would have to come back down to retest lower levels before breaking out again at a later date.
LINK in the news
According to a top analytics firm, Chainlink (LINK) and three other altcoins are expected to experience more surges due to positive on-chain data readings.
Specifically, the decentralized oracle network, Chainlink, has seen an increase in unique address activity, with the highest level in two months being recorded at 3,964.
The analytics firm predicts that Chainlink could experience further rallies, especially if market participants continue to overlook the altcoin’s performance.
Currently trading at $7.08, the firm attributes the recent climb to less social volume in the crypto market, causing more projects to fly under the radar.
