Greed

Core

Bitcoin

Verge

Chainlink

After a period of consolidation, Chainlink (LINK), the oracle network powering decentralized applications (dApps), is exhibiting signs of a potential breakout. This bullish sentiment comes amidst a broader recovery in the cryptocurrency market, with Bitcoin regaining its footing above the crucial $65,000 support level. 
<h2 data-sourcepos="7:1-7:36" id="strong-technical-indicators-look-verdant-strong">Technical Indicators Look Verdant</h2> 
Renowned crypto analyst Jonathan Carter is among those betting big on LINK’s future. Chainlink’s price structure is forming a bullish pattern, Carter remarked, pointing to the token’s recent rebound from the middle line of a descending channel. 
<blockquote class="twitter-tweet"> 
 <a href="https://twitter.com/hashtag/LINK?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow">#LINK</a> 
 ChainLink is showing a bullish structure by bouncing off the middle line of a descending channel<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9d0.png" alt="🧐" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 A breakout above the MA 200 (around $16) could push price towards the resistance zone near $25<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/SmlGnbHkku" rel="nofollow">pic.twitter.com/SmlGnbHkku</a> 
 — Jonathan Carter (@JohncyCrypto) <a href="https://twitter.com/JohncyCrypto/status/1801601604954546197?ref_src=twsrc%5Etfw" rel="nofollow">June 14, 2024</a>
</blockquote> 
A decisive break above the 200-day moving average, currently hovering around $16, could propel LINK towards a resistance zone near $25, according to Carter’s analysis. This potential price surge is further bolstered by various technical indicators. 
<h2 data-sourcepos="11:1-11:52" id="img-loading-lazy-decoding-async-class-aligncenter-size-full-wp-image-624930-src-https-www-newsbtc-com-wp-content-uploads-2024-06-a_ca9e7e-png-resize-1024-2c472-alt-width-1024-height-472-srcset-https-www-newsbtc-com-wp-content-uploads-2024-06-a_ca9e7e-png-resize-1024-2c472-w-1635-1635w-https-www-newsbtc-com-wp-content-uploads-2024-06-a_ca9e7e-png-resize-1024-2c472-w-460-460w-https-www-newsbtc-com-wp-content-uploads-2024-06-a_ca9e7e-png-resize-1024-2c472-w-768-768w-https-www-newsbtc-com-wp-content-uploads-2024-06-a_ca9e7e-png-resize-1024-2c472-w-860-860w-https-www-newsbtc-com-wp-content-uploads-2024-06-a_ca9e7e-png-resize-1024-2c472-w-1536-1536w-https-www-newsbtc-com-wp-content-uploads-2024-06-a_ca9e7e-png-resize-1024-2c472-w-750-750w-https-www-newsbtc-com-wp-content-uploads-2024-06-a_ca9e7e-png-resize-1024-2c472-w-1140-1140w-sizes-max-width-1000px-100vw-1000px-data-recalc-dims-1"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-624930" src="https://www.newsbtc.com/wp-content/uploads/2024/06/A_ca9e7e.png?resize=1024%2C472" alt="" width="1024" height="472" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/A_ca9e7e.png?resize=1024%2C472?w=1635 1635w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_ca9e7e.png?resize=1024%2C472?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_ca9e7e.png?resize=1024%2C472?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_ca9e7e.png?resize=1024%2C472?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_ca9e7e.png?resize=1024%2C472?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_ca9e7e.png?resize=1024%2C472?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_ca9e7e.png?resize=1024%2C472?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></h2> 
<h2 data-sourcepos="11:1-11:52" id="strong-mixed-market-sentiment-with-underlying-bullishness-strong">Mixed Market Sentiment With Underlying Bullishness</h2> 
While the overall market sentiment leans slightly bearish, there are pockets of optimism surrounding <a href="https://www.coingecko.com/en/coins/chainlink" target="_blank" rel="noopener nofollow">Chainlink.</a> The latest price forecast for LINK predicts a 4% increase to approximately $16.53 in the next coming days. 
Interestingly, some analysts highlight a dichotomy in investor sentiment. Despite the recent price dip, a significant 30% of market participants still hold bullish views on LINK. 
<img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/PIOXBfHW/" width="1835" height="883"> Market Smells Greed 
Further fueling this optimism is the current reading of 74 on the <a href="https://coincodex.com/crypto/chainlink/price-prediction/" target="_blank" rel="noopener nofollow">Fear &amp; Greed Index,</a> which suggests a dominant sentiment of “greed” among investors. This indicates that despite short-term price fluctuations, investor confidence in Chainlink’s long-term potential remains strong. 
While the current outlook for Chainlink is undeniably optimistic, experts urge investors to approach the market with caution. Price predictions, particularly in the highly volatile cryptocurrency space, are inherently subjective and susceptible to unforeseen circumstances. The broader market sentiment, currently reflecting “greed,” could also lead to a correction if investor expectations are not met. 
<img loading="lazy" decoding="async" class="wp-image-624933 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/A_5261a5.png?resize=631%2C308" alt="" width="631" height="308" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/A_5261a5.png?resize=631%2C308?w=631 631w, https://www.newsbtc.com/wp-content/uploads/2024/06/A_5261a5.png?resize=631%2C308?w=460 460w" sizes="(max-width: 631px) 100vw, 631px" data-recalc-dims="1"> 
Investors should always conduct their own research before making any investment decisions, advised a spokesperson for Chainlink. Understanding the underlying technology, the project roadmap, and the risks involved is crucial for navigating the dynamic world of cryptocurrencies. Chainlink’s Core Strength 
Despite the inherent volatility, Chainlink’s core value proposition as a secure and reliable oracle network for dApps remains a key driver of its long-term potential. By bridging the gap between decentralized networks and the real world, Chainlink plays a critical role in enabling the growth and adoption of decentralized finance (DeFi). 
With a potential breakout on the horizon and renewed optimism in the crypto market, the coming weeks will be crucial in determining the token’s future trajectory. As the DeFi space flourishes, Chainlink’s ability to connect blockchains to external data feeds will undoubtedly be a factor to watch. 
Featured image from Pexels, chart from TradingView

Breakout Alert! Chainlink (LINK) On Verge Of Major Surge, Analyst Says

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