• Chainlink (LINK) has been in a horizontal range since May 2020 without a clear breakout.
• Recent positive developments in the altcoin market, such as DeFi protocol integrations and increased trading volume, have experts believing that Chainlink’s price could secure a breakout in the coming months.
• Crypto analyst Michael van de Poppe forecast an expansion of LINK’s price towards $15 after recent forced liquidation below the lower consolidation range border.
Chainlink (LINK) Gains Momentum
Chainlink (LINK) has been consolidating over the past 15 months without any clear breakout. However, positive developments within the altcoin market have caused experts to be optimistic on LINK’s potential for a breakout soon. These developments include integrations with numerous DeFi protocols, increased daily trading volumes, and support from 50 and 200 moving averages on the daily time frame chart.
Positive Fundamentals Support Price Surge
The integration of various DeFi protocols with Chainlink’s price feed oracles is becoming essential for new projects in this space – further strengthening the ecosystem around LINK. Additionally, decentralized data node operators within the network help to ensure secure and scalable provisioning of independent data. The daily trading volume also surged by 187% in the past 24 hours to reach around $562 million.
Crypto Analyst Predicts Expansion Towards $15
Respected crypto analyst Michael van de Poppe believes that these bullish indicators will sustain in the near future, projecting an expansion of LINK’s price towards $15 after recent forced liquidations below its lower consolidation range border. This prediction is largely dependent on Bitcoin’s actions, which are currently holding crucial support at around $30k.
Altcoins Eye Breakout Amidst Positive Fundamentals
As more investors become aware of Chainlink’s unique infrastructure and potential applications across multiple sectors such as finance and insurance industries, there is potential for growth beyond what analysts are predicting now as well as other altcoins eyeing breakouts amidst positive fundamentals.
In conclusion, despite being stuck in a horizontal range since May last year, Chainlink (LINK) appears to be gaining momentum thanks to positive developments within its ecosystem including numerous DeFi protocol integrations and increased trading volumes – prompting speculation that it may be ready to break out soon. Analysts believe that Link could surge up towards $15 if Bitcoin holds crucial support at around $30k – signaling further growth for alternative coins like LINK amidst favorable market conditions.