Chainlink Long Play - 400% Gain Potential - FUTURE OF AI AND IOT
Entry Price: $7.30
Resistance 1: $9.37
Resistance 2: $19.00
Resistance 3: $34.00
As a financial analyst with a focus on cryptocurrency markets, I have conducted a number of analyses on Chainlink and offer an updated perspective on the asset's recent price action.
Chainlink has demonstrated a struggle to breach the same 77% range horizontal channel, delineated by a shaded orange band, throughout the past year. Should the asset surpass the pink diagonal line, we may witness sufficient strength to advance toward the next resistance level of $9.37, thereby representing a 33% increase. I estimate that this move may occur within 31 days, culminating at the end of May 2023.
Major resistances may not arise until the 19 and 34 dollar range, indicating an approximate price increase of 175% and 400% from present levels, respectively. In my assessment, these projections are not beyond the realm of possibility. In fact, considering past price action and current adoption rates, I posit that these estimates are exceptionally conservative.
Over the past three years, Chainlink has remained among my preferred assets and I perceive its potential to burgeon as undeniable. Therefore, I advise investors to consider incorporating Chainlink into their portfolios at this time.
Chainlink (LINK) is a cryptocurrency that provides a decentralized oracle network that enables different blockchains to communicate with each other through cross-chain interoperability. The technology provides secure cross-chain applications that allow data and tokens to move across cross-chain smart contracts. The cryptocurrency has shown a strong bullish trend, and the technical analysis indicates potential price targets of $9.37, $19.00, and $34.00. Moreover, the blockchain-agnostic oracle network has the most widely adopted oracle network in DeFi, providing the highest quality data that is resistant to manipulation. As blockchain oracles continue to reduce switching costs and meet security requirements for enterprise use cases, Chainlink is in a strategic position to benefit from the blockchain technology's adoption by global enterprises and governments.
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