Up or down? Chainlink (LINK) price prediction for November

Up or down? Chainlink (LINK) price prediction for November

Most of the major cryptocurrencies have advanced as the US presidential election continued to progress with a winner not yet officially announced. Joe Biden has a good shot at becoming the 46th President and Biden’s camp hopes they will cross the threshold of 270 very soon.

Fundamental analysis: The future looks bright but there’s still a level of uncertainty surrounding the project

The price of Chainlink (LINK) has advanced from $9.8 above $13.5 in less than three days and the current price stands around $13. The main trend of this cryptocurrency remains bullish and Chainlink is eying to $15 as the uptrend continues.

It is also important to mention that the price of Chainlink is correlated with the price of Bitcoin and investors in this cryptocurrency should also have Bitcoin on their “watch list”. Bitcoin has advanced above $15000 and some analysts believe that BTC may start trading even higher in the upcoming days.

This is positive news for the cryptocurrency market and this month could be very significant for the future price of this cryptocurrency.

ChainLink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Chainlink is one of DeFi tokens that are expected to skyrocket in the very same manner that Etherem did in 2017.

According to the latest news, Chainlink is being integrated into Agoric, a distributed platform for developing smart contracts using JavaScript, potentially ushering in a new age for DeFi developers. Investors in Chainlink (LINK) should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Chainlink (LINK).

Since many of the enterprises and developers are looking for such a decentralized oracle network, the future looks bright but there’s still a level of uncertainty surrounding the project. There are some obvious risks when it comes to buying LINK currently but if the price jumps above $15 this November that will be confirmation of the bullish trend.

Technical analysis: Bulls are focused on breaking the resistance level at $15

Data source: tradingview.com

According to the rules of technical analysis, the current trend of this cryptocurrency remains bullish. The current resistance levels are $14 and $15, $12 and $10 represent the current support levels.

If the price jumps above $14 it would be a signal to buy Chainlink (LINK) and we have the open way to $15. Rising above $15 supports the continuation of the bullish trend and the next price target could be located around $16 or even 18.

On the other side, if the price falls below $10 it would be a strong “sell” signal and we have the open way to $9.

Summary

The US elections are closely watched, according to the latest news Biden is taking the lead in Georgia, Pennsylvania, Nevada and Arizona but the US presidential election continued to progress with a winner not yet officially announced. Chainlink (LINK) has found strong support above $10 and the technical picture implies that the price may advance above $15 this November. The transaction volumes of this cryptocurrency are expected to increase but there’s still a level of uncertainty surrounding the project.

The post Up or down? Chainlink (LINK) price prediction for November appeared first on Invezz.

Publication date: 
11/07/2020 - 12:54
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Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.