AI Determines Chainlink (LINK) Price as of June 30, 2024
Chainlink (LINK), a decentralized blockchain oracle network, has been making significant progress in its ecosystem, leading to a recent surge in its price. LINK reached a six-week high of nearly $18, showcasing its growing popularity.
However, the positive momentum faced a setback when LINK encountered resistance. Currently, it is trading 23% below its yearly high of $22.85 reached in March. Analysts are now debating whether this decrease is a correction or the start of a new upward trend.
To shed light on this matter, Finbold sought the assistance of artificial intelligence (AI) that utilizes machine learning algorithms to predict LINK’s potential valuation by the end of the month.
AI algorithms have projected a bullish future for LINK in the short term. CoinCodex predicts a potential 15% increase in Chainlink’s price to $20.50 by June 30th. However, it is important to note that the Greed Index stands at 73, indicating a potentially overheated market.
Furthermore, positive discussions and sentiment regarding Chainlink are currently trending on Reddit, further fueling the bullish atmosphere.
Crypto analyst Poppe also sees bullish potential for LINK in the long term. His analysis suggests a possible 300% increase against Bitcoin (BTC) by 2025, with a key breakout point occurring after LINK/BTC surpasses $0.000447. Additionally, Poppe predicts that LINK could reach $25 or even $30 in the near future, although it may face resistance at $21 initially.
At the time of writing, LINK was trading at $17.84, with a 24-hour decrease of approximately 0.97%. Over the past month, the cryptocurrency has gained around 30%.
Overall, with bullish sentiments prevailing for LINK, it is crucial for the token’s bulls to maintain the price above the $17 support level to sustain a steady upward momentum. However, it is important to acknowledge the inherent volatility of cryptocurrencies, as conditions can change rapidly. Therefore, investors should conduct thorough research and consider all factors before making any investment decisions.
Disclaimer: The content on this site is not to be considered as investment advice, as investing is speculative and involves risks to your capital.
