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Chainlink Price Prediction: LINK Price On the Verge of 280% Rally

The post Chainlink Price Prediction: LINK Price On the Verge of 280% Rally appeared first on Coinpedia Fintech News

The Chainlink (LINK) market could be in the early stages of an imminent breakout from a macro consolidation.  The utility altcoin traded around $7.53 on Thursday, up approximately 10 percent in the last 24 hours. Interestingly, Chainlink daily traded volume was up more than 237 percent to about $1 billion according to the latest market data provided by Binance-backed Coinmarketcap. 

The heightened Chainlink volume is likely attributed to the Chainlink Cross-Chain Interoperability Protocol (CCIP) that will become available to all developers across five testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai. The Chainlink network intends to facilitate an ecosystem where decentralized application developers can build scalable protocols with access to reliable price oracles.

According to a popular cryptocurrency analyst, Captain Faibik, Chainlink (LINK) price action could be on the verge of a falling wedge breakout. With increased trading volume, the analyst forecast a 260-280 percent profit potential in the midterm. The analyst backed his LINK bullish outlook with the fact that the weekly RSI is approaching a 2-year downtrend resistance.

Notably, Chainlink’s price has significantly rebounded from a fake-out bearish liquidation in the past two months. Consequently, the Chainlink bulls have to rally above the support/resistance level of around $8.7 to secure a breakout toward the weekly 200 MA. The LINK bullish outlook is largely supported by the fact that the macro price has been recording diminished losses after a heightened bear market in 2022.

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