Chainlink price prediction: Why a move to $21 is likely in June

Chainlink has a bullish market structure at press time.
The dip might extend toward $16, bulls can enter at this liquidity cluster.

As an experienced analyst, I believe that Chainlink (LINK) is currently displaying a strong bullish market structure at press time. The recent dip towards $16 might extend, but it presents an excellent opportunity for investors to enter this market at attractive liquidity clusters.

Last week, Chainlink (LINK) surpassed the $17.1 resistance mark, indicating a potential breakout. As of now, the token price hovered around this level, with a strong likelihood of bouncing back after encountering it as support. The technical analysis showed positive signs as well.

The forecast for Chainlink’s price indicates a probable double-digit percentage increase within the next month or two. Nevertheless, the long-term trend has shown little signs of bullishness, with LINK trading between $12 and $21 since November 2023.

The daily chart showed an intense bullishness

Chainlink price prediction: Why a move to $21 is likely in June

In mid-May, the market surpassed the $16.04 mark, indicating a bullish market structure once again. The Relative Strength Index (RSI) on the daily chart registered at 57.6, signifying that the upward trend held the upper hand.

As a financial analyst, I’ve observed that a Chaikin Money Flow reading of +0.12 indicates a notable inflow of capital into the market. This signifies robust buying pressure. Consequently, based on this analysis, I anticipate Chainlink to exhibit positive performance in the upcoming days.

Previously, the $17 area served as a resistance point, but it has now transformed into a support level for the bulls. They aim to keep the price above the $16.5 to $17 range.

A decline to $19 from the previous price was accompanied by reduced trading activity, indicating a lack of significant selling forces and potential for further growth.

The next magnetic zone for LINK lines up with the technical findings

Chainlink price prediction: Why a move to $21 is likely in June

At the $16.48-$16.7 range, there was a concentration of long positions being liquidated. This alignment corresponded with the marked demand zone visible on the daily price graph.

Read Chainlink’s [LINK] Price Prediction 2024-25

As a researcher studying the cryptocurrency market, I’ve identified a significant liquidity pocket around the $16.5 mark for Chainlink (LINK). Beyond this point, the next price cluster can be found between $14.8 and $15.4. Based on current analysis, LINK is expected to experience a robust rebound from its support at $16.5, potentially reaching heights of $19 to $20. If Bitcoin (BTC) also exhibits an upward trend, the price of LINK could surge even higher.

A drop below $16.3 would indicate the bulls are weak, and the drop might then stabilize around $15.

2024-06-05 00:07

The daily chart showed an intense bullishness

The next magnetic zone for LINK lines up with the technical findings

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