Over the past few weeks, Chainlink (LINK) has seen a major price correction. Although the asset is up by 11.3% in the weekly charts, it is down by 3.3% in the 24-hour charts, 12.6% in the 14-day charts, and 18.8% over the previous month. LINK has maintained some gains since July 2023, rallying 98% in the yearly charts.
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LINK’s current slump follows the general market bearishness. The German government’s Bitcoin (BTC) selling spree instilled significant fear among market participants.
Chainlink predicted to hit $15.50
There’s a probability that LINK will soon reverse the recent downward trend. LINK may test the crucial supply wall at $14.44 if it stays above $12.52, according to well-known cryptocurrency researcher Ali Martinez. The analyst goes on to say that a rise to $15.50 might result from breaking this level. Attaining $15.50 will result in a roughly 24% increase from the present price levels.
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CoinCodex data also paints a bullish outlook for Chainlink. The platform predicts LINK to hit $15.11 on July 17, 2024. CoinCodex also anticipates LINK to breach the $20 mark next month, hitting $21.98 on Aug. 10, 2024. Reaching $21.98 from current prices would entail a rally of about 77.1%.
The analysts at Changelly also expect LINK to rally over the next few days. The platform predicts LINK to hit $16.39 on July 17, 2024.
There is also a lot of talk about an Ethereum ETF being launched sometime this month. If an ETH ETF is launched, we may witness a market-wide rally, similar to how the Bitcoin ETFs triggered a rally earlier this year. Bloomberg analysts anticipate an ETH ETF to make an appearance by July 18, 2024.
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