Chainlink Price Prediction: Does This Rebound Have Legs?

Summary:
• What is the forecast for the Chainlink price? We explain whether this rebound has legs and what to expect in the near term

The Chainlink price has bounced back in the past few days as cryptocurrency prices rebound. LINK, the platform’s native token, has risen to $15.11, which is a few points above February’s low of $11.45. It remains about 60% below the highest point in 2021, bringing its total valuation to about $7 billion. 

Chainlink is one of the most useful blockchain platforms in the world. Its goal is to ensure that developers are able to incorporate off-chain data in their blockchain platforms. It does this using smart oracles. Chainlink is also a leading player on cross-chain interoperability protocol (CCIP).

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In the past few years, Chainlink has established itself as the biggest player in the smart oracle industry. According to Chainlink, it has a total value secured (TVS) of over $54 billion and has secured 138 protocols. It is followed by Maker, which has secured 2 protocols that have a TVS of over $16.3 billion. Other popular oracle projects are Internal, TWAP, WINKLink, and Band. 

Therefore, because of its role, Chainlink is useful in all emerging industries in the blockchain industry like metaverse, decentralized finance (DeFi), and non-fungible tokens. The Chainlink price is also doing well as investors cheer the platform’s ecosystem. The number of node operators is growing and they currently include companies like T-mobile, Celsius, SNZ, and Chainlayer among others. This week, it added a Bahraini company that is a subsidiary of Saudi Telecom to its node operations. 

Chainlink price prediction 

The daily chart shows that the LINK price has been in a bearish trend in the past few months. As a result, the bearish trend is being supported by the 25-day and 50-day moving averages (MA). It is also slightly below the neckline of the head and shoulders pattern. 

Therefore, while the Chainlink price has rebounded lately, the bearish trend will remain as long as it is below the two moving averages. A clear break above the 50-day moving average will signal that bulls have prevailed and that the coin will keep rising to about $25.