In the last 24 hours, a lot has happened in the cryptocurrency market. We saw the feared 3-year interest rate forecast revisions on the evening of the Fed. Members’ average forecast for 2024 indicated fewer rate cuts and confirmed that the road to fighting inflation is still long. This situation caused a decline in altcoins. So, what are the predictions for Chainlink (LINK)?
Chainlink (LINK)
There is a noticeable weakening in altcoins in the market. The Fed’s potential for a single rate cut this year negatively affected risk markets. Yesterday’s CPI and today’s PPI data came in better than expected, but this was not enough to encourage investors. LINK Coin fell by nearly 11% in the last 7 days, dropping to the $15.5 range.
Despite the price decline, hope for an uptrend is not lost because NVT and MVRV ratios still show potential for a rebound. Both indicators focus on whether the current price is at a reasonable level.
Historical data shows that LINK Coin prices increased after days when these two important metrics gave buy signals. NVT dropped to 93.04, and the 30-day MVRV ratio is at -9.02%. In the graph below, we see how LINK Coin’s price increased after the MVRV ratio lingered between -6% and -21%. In May and April, the price significantly increased with this signal.
LINK Coin Price Prediction
If the optimistic scenario occurs, we could see LINK Coin’s price, which is hovering between $15.4 and $15.5, rise to $17.7. After this level, the key point for bulls to focus on is $18.57. The resistance line of the parallel channel we have been watching for months corresponds to the $17.7 level. With a break above this level, $22.8 was tested. A similar peak could be seen again if this region turns into support.
If excessive selling continues, a drop to the parallel channel support after the $13 base support is likely. This means a new low at $12.09. If the altcoin, which entered an uptrend with long candles starting on October 21, 2023, loses its last support, single-digit prices will likely await it. In summary, we cannot definitively say the uptrend is over; BTC will be decisive here.
