Chainlink price with a bullish pattern: Why a comeback is within reach of $ 30

Chainlink price with a bullish pattern: Why a comeback is within reach of $ 30

Chainlink: A look at the price decline and the comeback potential

The Chainlink Prize has withdrawn significantly in the past few months. On Tuesday, the price fell to a low of $ 13 after reaching a maximum of $ 30 at the beginning of the year. This article explains why the Link Prize could celebrate a strong comeback in the long term.

A bullish chart pattern indicates potential recovery

A decisive factor for the possible recovery of the link course is the formation of a rare bullish chart pattern on the weekly chart. The course reached a striking low point at around $ 12, which lies along a rising trend line that connects the lowest fluctuations since June 12, 2023. Historically, the course has reacted up again and again when it has reached this level.

The Chainlink course has formed an ascending, sewing stretcher, also known as a megaphone. This pattern is historically influenced and usually leads to a strong Bullian outbreak. The bulls aim for the upper side of the wedge at around $ 30, which corresponds to an increase of around 125 % above the current level. However, this recovery is only likely as long as the price above the lower limitation of the pattern remains. A breakthrough below this limit could increase the likelihood that the link price will fall on the psychologically important brand of $ 10.

It is important to note that this forecast is based on the weekly chart, which means that the signals need time to develop. This time delay is due to the longer intervals that represents each candle.

Solid fundamental data supports chainlink

chainlink will probably continue to do well in the crypto industry due to its robust fundamental data, especially as the largest Oracle network. Oracles are technologies that connect off-chain data with on-chain data and are used in the decentralized and central financial industry by providing price feeds and other valuable services.

In addition, Chainlink has developed into an important player in the tokenization of real assets (RWA). This technology aims to token real assets such as real estate, art and classic cars. Chainlink achieves this through the Cross-Chain Interoperability Protocol (CCIP), which enables communication between different blockchains such as base, arbitrum, Ethereum and Solana. This technology has aroused the interest of large companies in the financial industry such as Blackrock, JPmorgan and Swift.

Swift is particularly noteworthy because it is handled a transaction volume of over $ 150 trillion. The company aims to increase the speed of its transactions through tokenization and reduce costs.

To further improve the network, the Chainlink developers introduced the Chainlink Payment Abstraction in the Mainset. This function enables customers to use Chainlink technology and to pay in other cryptocurrencies that are then converted into Link. This is expected to help expand the network and reduce friction losses.

In addition, there is the possibility that Chainlink will receive a link ETF this year, which could increase the demand from US investors.

macroeconomic influences on the course

At the macroeconomic level, the coin could also benefit if the Federal Reserve in response to economic challenges, especially in the context of Donald Trump's trade war, which should lower interest rates. Companies such as Pimco and Goldman Sachs have already increased their probability of recession, which could provide references to potential monetary policy changes.

Overall, the Chainlink Prize could benefit from the positive fundamental data and the emerging market changes.