The crypto market has seen a lot of ups and downs recently, and Chainlink is no exception. In the past month alone, its price has fluctuated between $9.35 and $5.59. These big fluctuations have been spurred on by several different factors—first, there was hype around the launch of Chainlink’s staking version 0.1, then the actual launch of the software, and now we’re seeing that half of the community pool is filled.
Ultimately, there are several reasons to be bullish on Chainlink despite the recent price movements. For one thing, supply on exchanges has fallen sharply, indicating increased demand for LINK. Additionally, Chainlink has a number of key partnerships that could continue to drive up its price in the future.
One thing is clear: with continued interest from investors, Chainlink’s price is likely to remain volatile—but that doesn’t mean it can’t be a lucrative investment over the long term.
At press, Chainlink is trading at $6.8, which is 1% lower than 24 hours ago, but still 16% higher than this time last month. There is no doubt that many investors will be keeping a close eye on the project in the coming months, as its continued success could have a significant impact on crypto markets more broadly.
What does technicals suggest about LINK?
At the moment, it seems that technical indicators are bullish on LINK. The MACD is green and heading upwards, indicating increased momentum for the project, while the RSI is in overbought territory but still above 50—meaning that there may be more upside potential for LINK.
However, regardless of these bullish patterns, one clear thing is that it’s still important to conduct your research before making any investment decisions. Only you can decide if Chainlink is the right project for you, so make sure to take a long, hard look at all of its key metrics and partnerships before deciding whether or not to invest.
Overall, it looks like there is still plenty of room for growth in the Chainlink price, and with continued developments coming out of the project, it’s likely to see further gains in the near future. If you want to make a play on LINK, now may be the time.
Conclusion
There are a lot of reasons to be bullish on Chainlink in the long term. The project has continued to grow and develop, with key partnerships and updates that are driving increased interest from investors. Whether you’re new to crypto or an experienced trader, it’s worth keeping a close eye on Chainlink in the coming months—the potential gains are likely to be significant.
