Will LINK Price Recover In June?

LINK Price Recover In June. The cryptocurrency market showed little favor to Chainlink (LINK), as its price continued to drop. This trend may persist for the next few days. LINK, the native token of the Smart Contract network Chainlink, is among the top 15 cryptocurrencies with a market capitalization of $8.4 billion. Despite its popularity, LINK’s price is significantly lower than its peak in 2021. Back then, Chainlink reached an all-time high of $52.88. Currently, the price has fallen over 73% to $14.38.

Recent Performance and Trends

The decline in LINK’s price hasn’t been constant since its all-time high. For example, in March 2024, LINK experienced a bullish rally, reaching a high of $21.75 before starting to decline again. Over the past month, LINK’s price has decreased by 14%, with a 2% drop just yesterday. This downward trend raises questions about whether Chainlink’s price will recover in June.

Analyst Opinions

Analysts have mixed opinions on LINK’s price recovery due to conflicting market signals. While the Relative Strength Index (RSI) is neutral, the Moving Average Convergence Divergence (MACD) and Simple Moving Average (SMA) indicate a continuing decline due to high selling pressure. Additionally, the accumulation of 5,587,376 LINK tokens suggests increased activity by large holders, which could lead to a further decline in price.

Bullish Indicators

On the positive side, a bullish wedge pattern has been forming in the LINK price charts for months, and the token recently broke out of this pattern. Based on this, some analysts predict a potential 42% surge in LINK’s price, which could push it as high as $22 this month.

Market Struggles

Currently, both bears and bulls are active in the market, creating a tug-of-war effect on LINK’s price. A significant recovery might be unrealistic this month, especially considering the overall struggles of the cryptocurrency market. Technical indicators still favor the bears, making it challenging for LINK to recover quickly.

Short-term and Long-term Outlook

In the short term, Chainlink’s price might rise to yesterday’s high of $14.77 and possibly aim for $15, but only if the bulls dominate the market. If that happens, LINK’s price could surge to $22, indicating a recovery. However, this is dependent on market conditions and investor sentiment.

In the long run, Chainlink remains a strong cryptocurrency to consider for investment. Despite its current bearish trend, LINK has the potential to offer substantial long-term gains due to its strong fundamentals and widespread adoption.

Conclusion

Chainlink (LINK) is experiencing a challenging period in the cryptocurrency market, with its price continuing to decline. While there are signs of potential recovery, such as the bullish wedge pattern, the overall market conditions and technical indicators suggest that a significant recovery might not happen immediately. Investors should keep an eye on both short-term movements and long-term potential, as Chainlink remains a promising asset in the cryptocurrency space.

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