Chainlink (LINK) Price Analysis for January 2023

The majority of investors are happy to just follow Bitcoin’s fluctuations in the cryptocurrency market as it has long dominated the sector. Orbeon Protocol (ORBN) and Chainlink (LINK), two alternative cryptocurrencies, have recently outperformed Bitcoin and quietly shaken up the market. Gaining additional knowledge about the price of these two cryptocurrencies is crucial to making a sensible investment decision, and this has investors intrigued in their potential to make money.

As of January 2023, the price of the LINK/USD pair was at an astounding $6.10. The pair has been steadily making its way to the top of the cryptocurrency market. With bullish optimism pushing the prices upward, this is a remarkable accomplishment. The market’s growing bullishness toward the two cryptocurrencies is demonstrated by this factor, which is one of the main ones we consider when estimating a coin’s future price. The two coins might now trade for much more than their present $6.10 value, and we anticipate that LINK’s price will rise to $6.80 in the coming months.

Analysis of Technology

The process of looking into a coin’s past price alterations in an effort to obtain insight into its possible future worth is known as technical analysis. Using charting tools to discover impotant trends and unearth potential trade signals is one of the fundamental components of technical analysis.

Charts for the LINK/USD pair reveal a clear break from the long-term bearish trend that had been in place for the previous 12 months, and prices are currently trading in a very strong and robust uptrend. Healthy volume levels are sustaining this rise, which suggests that there is a lot of buying pressure behind LINK at the moment. The 14-day Relative Strength Index (RSI) indicates that LINK is overbought at the moment and may have a small pullback before continuing its steady ascent higher. Other technical indicators are also pointing to the possibility of more increases.

In-depth Examination

A cryptocurrency’s general trajectory is determined by its fundamental analysis, which examines underlying economic variables and recent news events. LINK’s two main areas of concentration are the state of the market and the rising number of applications created on the platform.

The possibility for real-world implementation of the coin is expected to accelerate its adoption even further. LINK has been rapidly gaining popularity among investors and enterprises. As the cryptocurrency market grows and more companies and individuals get involved in the sector, demand for the coin and other applications created on the platform is expected to stay high.

Furthermore, the Orbeon Protocol (ORBN), which is scheduled to debut on the LINK blockchain, is a news item that increases interest in LINK. This could have a significant positive impact on LINK’s value and long-term prospects. The Orbeon Protocol is a decentralized network that is designed to enable the efficient and secure exchange of digital assets.

Conclusion

Investors are growing more optimistic about the possibilities of LINK and ORBN because both companies have strength and potential. Given that LINK is presently trading at $6.10, it appears likely that it will eventually surpass its prior high of $6.80 as industry optimism and coin adoption rise. The two coins LINK and ORBN appear poised to continue their bullish run, therefore now is a great opportunity for shrewd investors to invest in them.

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