The outlook for Chainlink's price in January 2024 remains optimistic, provided it maintains above the $14.00 support level. It has recently shown an 11% increase, with buyers striving to surpass the $17.00 obstacle.
Should they manage to breach this barrier, it could trigger a new phase of the rally, potentially propelling the price to unprecedented highs. The LINK crypto’s chart pattern indicates a mild bullish trend, suggesting a probable significant surge soon. Hence, any short-term dips might easily find support around this level.
Over the last eight weeks, attempts to surpass the $17.00 mark by Chainlink bulls have failed, leading to price retracements. Fortunately, the decline wasn’t substantial, finding support around the 50-day EMA. Buyers responded by initiating a bounce-back.
Currently, bulls aim to sustain recent gains, preparing for another breakout attempt. However, sellers are also active, challenging the bullish momentum. Thus, investors should exercise caution and await confirmation of a $17.00 breakout before initiating fresh long positions.
The Chainlink price trend indicates an upward trajectory, inching towards the $20.00 threshold. However, buyers need to dominate the supply zone before further highs. As long as the LINK coin price stays above $14.00, buyer dominance is anticipated.
A decisive move beyond the $20.00 barrier will signal the next directional shift for this coin. Analysis suggests that Chainlink is favorably positioned, heightening the likelihood of reaching the $20 mark by 2024.
Currently trading at $16.075, Chainlink exhibits a 0.44% intraday increase, marked by a bullish hammer candle indicating potential buyer resurgence. Additionally, the recoveries of crypto giants Ethereum and Bitcoin could positively influence LINK’s price and other altcoins.
In conclusion, the prediction points toward a short-term uptrend for Chainlink’s price, anticipated to gain momentum upon breaching the $17.00 hurdle. Analysis hints at potential outperformance, paving the way for new highs in LINK’s trajectory.
