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Chainlink (LINK): Top Analyst Predicts What's Coming

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Mon, 13/11/2023 - 9:16
Chainlink (LINK): Top Analyst Predicts What's Coming
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Chainlink (LINK) is taking a breather with what many may call a healthy correction. However, top market analyst Ali Martinez believes there is a likelihood of a steeper fall for LINK in the short term. The decentralized Oracle protocol has shed 5.04% of its price, now pegged at $15.35.

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This slump shows Chainlink is not immune to a correction after a months-long period of surge. At the time of writing, Chainlink's 24-hour trading volume is down by 34.58% to $789,720,779. Despite this gloomy performance carried over from the weekend, Chainlink is maintaining its outlook for the week where it has grown as much as 23.58%.

In the analyst's analysis, the TD Sequential indicator presents a sell signal on both the daily, three-day, and Chainlink weekly charts. While LINK is not currently in the danger zone, Martinez believes a retracement to $12.5 cannot be ruled out. He went on to further note that should Chainlink bulls fail to secure this level, they can drag the price down toward the $10.5 support zone.

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It is worth noting that Chainlink has not retested the $10.5 level since Oct. 24, and chances are bulls will defend the current level.

Banking on Chainlink staking advantage

For Chainlink, its on-chain metrics are not much of a focus for a community that wants a highly functional Oracle protocol.

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To push this sentiment in the right direction, many LINK proponents are bound to start banking on what the Chainlink Staking v0.2 upgrade will usher in for the ecosystem shortly. With a phased rollout set to commence this month, Chainlink Staking v0.2 will present a more sustainable and inclusive channel for LINK holders to help secure the network and get a better reward for it.

Chainlink also has many other crucial innovations like the Cross-Chain Interoperability Protocol (CCIP), a tool now being integrated by the likes of Arbitrum. With these solutions, Chainlink has what it takes to sustain its growth and chart a quick rebound from its current level.

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