Chainlink (LINK) Displays Potential Breakout Signs – Will The Price Rebound Soon?

Chainlink (LINK) has slipped off the $15 price level and now consolidates around $14. However, the current market setup signals a potential rebound.Moreover, analysts are bullish on Chainlink's future price trajectory.

Renowned analyst Jonathan Carter is optimistic that LINK will soar significantly soon. While these analysts remain bullish, ongoing market movement paints a contrasting picture.

Chainlink Recent Price Action

In mid-May, Chainlink (LINK) enjoyed a significant rally, rising from $12.9 on May 14 to $19 on May 29. This uptick represents an impressive 47% increase in just two weeks.

This bullish momentum was short-lived, as LINK turned bearish and dropped to $14. Over the past few days, LINK has consolidated around the $15 and $14 price range.

The $14 price level is currently acting as support, preventing further dips. If LINK holds above the $14 level and gains upward momentum, a new bullish trend could form.

LINK is at a critical juncture, and the next few days will determine whether it can rebound or continue to decline.

Crypto Analyst Jonathan Carter Predicts Bullish Reversal for Chainlink (LINK)

While the bearish pressure remains, renowned crypto analyst Jonathan Carter is confident about Chainlink's (LINK) future. He believes the current price structure of LINK is showing signs of a potential upward trend.

According to Cater's analysis, LINK recently bounced back from the middle line of a descending price channel, which the analyst considers a positive indicator. Further, Carter explains that if LINK can break above the 200-day MA, currently around $16, it could lead to a significant price increase.

The analysis shows this breakthrough could push LINK toward a resistance level near $25. He bases this prediction on various technical indicators that support a bullish outlook.

Further boosting this positive outlook is the market dominance indicator, which currently reads 97.5. This indicator depicts greed among investors, suggesting that the broader market participants are bullish.

Such sentiment bodes well for LINK; it suggests an imminent market recovery, which could trigger a rally for the coin.

Analyst Predicts LINK's Price to Hit $25

On June 8, CryptoWZRD, a crypto analyst, observed that Chainlink (LINK) closed the day with a bearish trend, indicating a downward movement in its price.

However, despite this negative end, the analyst remains optimistic about LINK's potential, noting that its next price movement will be crucial in determining its future direction.

The CryptoWZRD shared his strategy: I will be looking to get a quick scalp once there is a quality trade setup."

The analyst boldly predicted that LINK's price could surge to $25. This optimistic outlook indicates a belief in LINK's strong potential for recovery and growth.

LINK Price Analysis: Potential Retracement Ahead?

While Chainlink (LINK) has been on a bearish trend since the end of May, technical indicators suggest a possible retracement soon. Firstly, LINK is at the lower line of the Bollinger Bands indicator, suggesting an oversold market condition, often signaling a potential reversal.

Moreover, the red MACD histogram bars are fading, suggesting that bearish pressure is reducing as sellers give way to buyers. If this bullish reversal fails, LINK's next target is the $12.47 support level.

This level could prevent further declines should LINK fail to rebound from the lower Bollinger Band.Investors should watch these key levels to make informed decisions.

Is PlayDoge the Next Big Thing?

While LINK's trajectory seems obscure, investors can consider diversifying their portfolios with low-cap gems like PlayDoge ($PLAY).

PlayDoge's presale has amassed over $4.6 million in just a few weeks of its launch. With its unique blend of meme coins and engaging P2E gaming, PlayDoge has garnered significant attention.

Initially launched on BNB Smart Chain, the presale has expanded to multiple chains, including Ethereum. PLAY tokens are available at $0.00509 during the presale, but prices will increase soon.

Moreover, PlayDoge is just a few inches from achieving its presale hard cap of $5.1 million, and with the ongoing momentum, hitting this level won't be an issue. So, taking swift action is advised to avoid missing out.

PlayDoge Features That Appeal to Investors

Unlike regular meme coins, PlayDoge will incorporate a pet-inspired mobile game that rewards players with $PLAY coins. This Play-2-Earn utility increases its appeal among investors.

Users only have to train their virtual doges, care for, feed, and entertain them. By doing this, the player generates more points and ranks higher. The more rank you get, the more eligible you are to earn $PLAY tokens.

Also, PlayDoge has a staking feature for passive income. You can stake your PLAY tokens to earn up to 163% APY. Besides passive income, PlayDoge's staking feature can also serve as a deflationary model since it locks away coins from circulation over a certain period.

More than 115 million tokens have already been staked, showing heightened investor interest. Given its rising popularity and investor engagement, PlayDoge might be the next big meme coin for 10x gains in 2024. Visit the official website for more details about the project.

The post Chainlink (LINK) Displays Potential Breakout Signs - Will The Price Rebound Soon? appeared first on The Tech Report.