Chainlink (LINK), the Oracle network for decentralized applications (dApps), is making waves in the cryptocurrency market. After a successful rally, the digital asset is now soaring to even higher levels, with analysts predicting upside growth and a price target of as high as $33.

At the time of writing this, the LINK was there listed at $16.27a decline of 6.4% and 11.0% on a daily and weekly basis, according to Coingecko data.

Support levels and re-accumulation signal a bullish trend

LINK’s recent price action has analysts excited. The token has clearly broken through a key resistance level on the daily time frame, which is a bullish indicator that suggests buyers are in control. What was even more promising was that the price returned to this level again, not as resistance, but as a fresh support zone. This “reversal” from resistance to support reinforces the validity of the uptrend.

Adding fuel to the fire, the price of LINK has increased by as much as 25% in the last month. This significant gain reflects investors’ growing confidence in Chainlink’s potential. The general mood around the project seems to be shifting towards optimism.

$LINK Ready to test again!#TO COMBINE it broke resistance on the daily time frame and will probably test it again as support.

This could be considered bullish if support holds.

Excellent and hearty price action for #ChainLink pic.twitter.com/EaxDBpVK2T

— Crypto Yapper (@CryptoYapper) June 6, 2024

The analyst sees a acute raise in the value of LINK

Market watchdogs note LINK’s upward momentum. Crypto Yapper, a popular analyst in the cryptocurrency space, believes that there will be a retest of the fresh support level soon. If the price holds at this point, it will be a sturdy confirmation of the continued uptrend. Yapper highlights the importance of this potential support in establishing a positive long-term outlook for LINK.

LINK Price prediction

Meanwhile, on the basis latest forecast, LINK’s price is projected to raise by 30%, reaching $21.71 by July 7, 2024. However, despite this confident price target, several technical indicators suggest caution. The current market sentiment for Chainlink is bearish, indicating short-term pessimism among investors.

Additionally, the Fear and Greed Index, which measures market emotions, is 77, which reflects “extreme greed.” Such a high level often signals that investors are overconfident, potentially preceding a market correction. Over the past 30 days, Chainlink has shown a 50% green day rate and a 10.73% volatility rate, which indicates a balance between profits and losses, but also a moderate level of price volatility.

The road ahead LINK

With all eyes on Chainlink, the next few weeks will be crucial in determining the validity of bullish predictions. If LINK manages to overcome technical hurdles and achieve its price targets, it could be a sign of market resurgence for the entire cryptocurrency industry.

Featured image from calheartmedical.com, chart from TradingView