LINK could drop to nearly $4 by December 2022 given its failure to close above a key resistance level despite strong whale accumulation. LINK plunged by as much as 10% into the day to reach $8, while BTC and ETH slipped by approximately 6.5% and 9%. That contrasts with the trend witnessed on Nov. 7 wherein LINK rallied 14% to $9.25, its three-month high, while BTC and ETH dropped 1.5% and 0.5%, respectively. Overall, on a week-to-date timeframe, LINK has outperformed both Bitcoin and Ether.
LINK’s price has rebounded by nearly 75% after bottoming out at $5.29 in May. Notably, the Chainlink token’s recovery rally has coincided with a persistent increase in the supply held by its whales (entities that hold at least 1,000 LINK). The LINK supply percentage held by addresses with a balance between 1,000 LINK and 1 million LINK has risen to nearly 23% in November from 18.2% in May, according to Santiment data. This indicates that rich investors may have been the key players behind the LINK price recovery.
Interestingly, the LINK accumulation trend is rising in the days leading up to the launch of “Chainlink Staking.” Chainlink co-founder Sergey Nazarov announced at SmartCon 2022 that the long-awaited LINK staking reward function would go live in December. In addition, the project’s official website confirms that it will enable “eligible community members” to stake LINK into its pool in December.
The LINK staking service will be opened for the public in the same month, with the initial annual percentage yield set at 5%. The event has started drawing speculations about increased demand for the Chainlink tokens by the end of 2022. LINK appears to have benefited in the short term due to the euphoria around the Chainlink Staking function, given that other coins have tumbled in unison in response to the crypto hedge fund Alameda Research’s insolvency rumors.
From a technical perspective, LINK’s recovery rally since May has been confined inside an ascending triangle range. Ascending triangles are continuation patterns, meaning they typically send the price in the direction of its previous trend after a consolidation period. LINK was trending downward before it formed its ascending triangle.
The likelihood of the token continuing its downtrend and reaching its profit target stands at 44%, per the observation of ascending triangles by veteran investor Thomas Bulkowski. The profit target is measured after adding the maximum triangle height to its breakdown point, as illustrated below.
That puts LINK en route to around $4.15 by December 2022, down about 50% from Nov. 8’s price. Conversely, independent market analyst Pentoshi anticipates LINK to reach $12 in the same period, given that the token has been floating above the same support that was instrumental in sending its price to a record high in May 2021.
“While people are quiet on it now. I don't think that will be the case 3-4 weeks from now,” Pentoshi said.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||88.8%||17||$17 056.16||0.07%||1.02%||$327 926 342 780|
|2||ETH||Ethereum predictions||82.8%||28||$1 266.01||0.07%||-0.48%||$154 926 130 761|
|3||USDT||Tether predictions||94%||1||$1.000056||0%||0.04%||$65 688 871 034|
|4||BNB||Binance Coin predictions||79.2%||44||$289.61||-0.09%||-4.40%||$46 329 397 846|
|5||USDC||USD Coin predictions||92.8%||1||$0.999940||0%||-0.03%||$43 027 424 874|
|6||BUSD||Binance USD predictions||93.6%||1||$0.999840||-0.08%||-0.08%||$22 096 550 218|
|7||XRP||XRP predictions||79.6%||29||$0.390151||0.72%||-4.37%||$19 609 162 360|
|8||DOGE||Dogecoin predictions||62%||73||$0.100195||-2.10%||-6.70%||$13 292 999 012|
|9||ADA||Cardano predictions||84%||31||$0.317932||-0.70%||0.55%||$10 955 712 261|
|10||STETH||Lido stETH predictions||96%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|11||MATIC||Polygon predictions||74%||51||$0.914223||-0.51%||5.69%||$7 985 110 335|
|12||DOT||Polkadot predictions||81.6%||37||$5.49||-0.29%||0.61%||$6 279 301 547|
|13||DAI||Dai predictions||92%||1||$0.999616||0.01%||-0.11%||$5 876 435 517|
|14||LTC||Litecoin predictions||56.8%||87||$79.73||-1.37%||0.52%||$5 722 443 949|
|15||WTRX||Wrapped TRON predictions||82%||30||$0.053484||0.50%||-0.80%||$5 438 067 310|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.