Chainlink (LINK) price lost 7.9% in the last two weeks, falling to $12.74. However, after these declines, a strong recovery signal is observed. Chainlink's price has formed a solid support level and technical indicators are showing positive signals. So, how strong will the recently expected rise in LINK price be?
Chainlink (LINK) price closed in a downward trend last month and lost 7.9% in the last two weeks. It traded at around $12.74 in the early Asian session on Thursday. The mid-cap altcoin has a fully diluted valuation of $12.79 billion and an average daily trading volume of $300 million. Chainlink's price shows a strong signal of recovery in the near future.
Firstly, Chainlink's price has formed a solid support level above the $12.5 level in the last four months. Additionally, Chainlink's monthly Relative Strength Index (RSI) has recovered from the 50% level. According to famous crypto analyst Ali Martinez, the TD Sequential indicator has given a buy signal, which indicates that a significant recovery can be expected soon.
Recently, the Chainlink network has become a key part of Web3 adoption. Backed by reputable investors and smart contract developers, Chainlink has been a leader in development activity on the Ethereum network over the past 30 days. Chainlink has integrated with more spot ETH and Bitcoin ETFs and increased transparency as a trusted source of crypto oracle data. For example, 21Shares recently integrated with Chainlink Proof of Reserve (PoR) and increased reserve transparency for the 21Shares Core Ethereum ETF (CETH).
The Chainlink network helps institutional investors tokenize real world assets such as gold, bonds and real estate. Additionally, Chainlink's CCIP provides a secure and scalable interoperability solution in the web3 industry. The altcoin price has taken on a positive tone over the past few months, offering the possibility of an inevitable breakout in the short term. From a technical perspective, LINK price has completed the second phase of the Elliott wave principle, which indicates that the second bull cycle may begin soon.
If LINK price recovers in the short term, the target range will be between $18.8 and $22.8. This range coincides with the 1,618 and 2,618 day Fibonacci extensions. However, if LINK price fails to regain the 50 and 200 daily Moving Average (MA) support levels, it could decline to around $10.
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