Analysts are predicting a Chainlink price target of $200 this cycle

Chainlink price has started the month well, rising to its highest level in almost three years. The rally was fueled by the start of the altcoin season and its role in the oracle industry. One analyst believes that LINK price could rise to $200 in this bull market.

Crypto analyst expects Chainlink price to reach $200

Crypto analysts are generally bullish on Chainlink price after it broke the key resistance level at $22.80. In an X post, an expert predicted that the coin would rise to $200-$800 in the ongoing bull market.

If true, it means he expects the coin to rise between 700% and 3,233%. While this LINK price prediction Although it seems extreme, it is possible in the cryptocurrency industry. Just recently, Ripple and Stellar Lumens prices have skyrocketed up over 400% in the last 30 days.

The analyst cited a chart with a longer time frame where he drew a channel. He sees a rise as bulls attempt to retest the upper side of this channel.

A trigger for the rally is more Buy whales LINK. Also, Data from IntoTheBlock shows that the number of new addresses has risen to its highest level in two years.

At the same time, the total value secured on the network has increased to $37.57 billion. This makes it a larger Oracle network than other networks such as Chronicle, WINKLink and Pyth.

LINK Technical Price Analysis: The uptrend still has room to run

The weekly chart shows that Chainlink price has just crossed the crucial resistance level at $22.80 after a three-week increase. This was a key level as it reached its highest level on March 11th.

The Chainlink token has invalidated a potential double top pattern with the neck line at $8. This pattern often results in a strong downtrend. The coin is now approaching the 50% Fibonacci retracement level at $26.63.

Chainlink remained above the 50-week and 200-week exponential moving averages. Therefore, a rise above the weekly high of $26.75 would be a signal that the bulls have prevailed, increasing the likelihood of a rise to the all-time high of $52.8, which is approximately 120% above current levels lies.

On the other hand, a fall below the psychological level of $20 would invalidate the bullish view. If this happens, the next point to watch is the 200-day moving average at $12.

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Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.