Chainlink price is having a phenomenal run fuelled by the ongoing bullish sentiment in the cryptocurrencies. It has emerged as one of the best performing digital assets in the past couple of weeks. LINK crypto has outperformed Bitcoin price during this time and the outlook is even more bullish for the coming days.
LINK price has extended its gains by 11.2% this week. This is a continuation of the surge which began last week as the coin pumped 37%. A breakout above a long term resistance level has opened doors for more upside. On Wednesday, the altcoin soared to its fresh 52-week high of $11.64.
The LINK/BTC pair is up 75% from its June lows. This shows that the cryptocurrency has outperformed BTC during this time. However, due to the recent surge in Bitcoin dominance (BTC.D), the pair is having a brief pullback. On a weekly timeframe, this has resulted in a 2.47% correction.
Chainlink’s Cross Chain Interoperability Protocol (CCIP) has been in the news for the past few months. The ongoing surge in Chainlink price can be attributed to the CCIP hype and strong development in the project’s fundamentals in the recent bear market. The technology allows users to transfer tokens between different blockchains seamlessly.
LINK/USD Chart
Latest Chainlink Price Prediction
The following LINK/USD chart is self explanatory. Each candle on this chart encapsulated the price action of a whole week. You may clearly see a breakout of the trendline followed by a break above the range highs of $9.64. These developments have made Chainlink price prediction bullish for me.
I am personally targeting the weekly fair value gap (FVG) which lies above $12.29. This is an area where many traders will be looking to take profits. Within this FVG there also lies the 200 MA which may act as a dynamic resistance for the price.