Why LINK Is Poised To Outperform Altcoins Sector, Analyst Sets Target For $10

The crypto market continues to post profits in today’s trading session as Chainlink (LINK), and others follow in the footsteps of bitcoin’s rally. The green season may have begun, but which altcoin will prevail in the race?

An analyst shared a theory about LINK’s potential to outperform the altcoins sector and stand as a top gainer in the coming months. As of this writing, Chainlink’s native token trades at $5.6, with gains of 6% over the past 24 hours.

LINK price registers modest gains on the daily chart; Can it return to $9.5? Source: LINKUSDT on Tradingview

Chainlink (LINK) Price Targets for the Bull Market

LINK is one of the altcoins that gained popularity in 2020 and 2021 when decentralized finance (DeFi) protocols saw an increase in adoption. Today, the cryptocurrency has been hit by a persistent bearish trend across the board.

However, analyst Dan Crypto believes that Chainlink could recover and head towards new yearly highs. Recently, Link price crashed From a high of $9.50, forming a range average at those levels.

In other words, $9.50 is acting as a heavy resistance for LINK price in 2023. During LINK’s downtrend, the analyst believes that the bulls managed to defend $5.50, indicating a positive outlook for the cryptocurrency.

Sharing the chart below, Twitter Dan Crypto said:

$LINK followed the plan. It moved below the 400 day range and retraced it. Wouldn’t expect it to outperform many shiny new coins, but the invalidity is clear as day and the risk/reward is solid. It’s do or die here.

chainlink link link usdt chart 2
LINK Price Ready For Further Profits? Source DaanCrypto via Twitter

The chart above shows that if LINK bulls can continue the momentum, the coin could rise to $10. This target corresponds to the top of the channel when the coin has been trending for more than a year.

However, traders should remember that the coin has been unable to break that resistance, always registering massive losses after hitting that top. In the short term, as conditions are favorable in the crypto market, LINK is set to trend upwards.

Cover image from Unsplash, chart from Tradingview

source: www.newsbtc.com



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