AI predicts Chainlink (LINK) price on June 30, 2024
Chainlink (LINK), a decentralized blockchain oracle network, has been making significant progress in its ecosystem, leading to a surge in its price. Recently, LINK reached a six-week high of nearly $18.
However, the momentum faced a setback as LINK encountered resistance. Currently, it is trading 23% below its yearly high of $22.85 in March. Analysts are now debating whether this decline is a correction or the start of a new upward trend.
To gain more insight into this situation, Finbold consulted an artificial intelligence (AI) system that utilizes machine learning algorithms to predict LINK’s potential valuation by the end of the month.
AI predictions and market sentiments reveal a positive outlook for LINK’s short-term prospects. CoinCodex forecasts a potential 15% increase in the price of Chainlink, reaching $20.50 by June 30th. However, it is worth noting that the Greed Index stands at 73, indicating a potentially overheated market.
Furthermore, positive sentiment and discussions surrounding Chainlink are trending on Reddit, further fueling the bullish atmosphere.
Crypto analyst Poppe also sees bullish potential for LINK in the long term. His analysis suggests a possible 300% increase against Bitcoin (BTC) by 2025, with a crucial breakout point after LINK/BTC surpasses $0.000447. Poppe predicts that LINK could reach $25 or even $30 in the near future, although it may face some resistance at $21 initially.
At the time of writing, LINK is trading at $17.84, with a 24-hour decrease of almost 0.97%. Over the past month, the cryptocurrency has gained approximately 30%.
Overall, with bullish sentiments prevailing for LINK, it is crucial for the token’s bulls to maintain the price above the $17 support level to sustain a steady upward momentum. However, investors should keep in mind that the cryptocurrency market is highly volatile, and conditions can change rapidly. Therefore, comprehensive research and consideration of all factors are essential before making any investment decisions.
Disclaimer: The content on this site should not be considered as investment advice. Investing in cryptocurrencies is speculative, and there is a risk of capital loss.