Welcome to the crypto site. My name is Victor, here is my YouTube video and description on the topic: Chainlink altcoin exchange rate forecast for December 2023 #LINK-USDT, using the TradingView service. Read and write comments to this publication.
Chainlink altcoin
Monthly timeframe
Hello, my name is Victor. Today, on the 27th of December 2023, we’ll be taking a look at Chainlink (LINK). On the monthly timeframe, Chainlink is the 14th largest cryptocurrency by capitalisation and shows stability. This cryptocurrency has a market capitalisation of $9 billion and an active community that is engaged in the development of the latest technologies, including Web3. I see potential for growth, but also possible consolidation by the summer of 2024.
Weekly timeframe
On the weekly chart, Chainlink is also in a consolidation phase. Indicators such as the stochastic oscillator and CCI show a downward trend, which may indicate a potential decline or continuation of the flat situation.
Daily timeframe
On the daily chart, Chainlink shows signs of a decline. The stochastic oscillator indicator indicates an overbought condition, which may indicate a need for accumulation before growth. The CCI indicator is in the middle zone, which may indicate potential growth after the accumulation phase.
Buyer/seller sentiment
There is uncertainty in the Chainlink market. The moving averages are set to sell, but the oscillators are in a neutral position, which could mean a potential market reversal.
Bitcoin outlook
Bitcoin is currently in an accumulation phase, and I predict that this phase may last for some time. This may affect Chainlink’s rate, as there is a correlation between these cryptocurrencies.
Summary of the course forecast for the month
In summary, I believe that Chainlink could go through a period of consolidation in the coming months. However, a return to previous highs is possible in 2024, especially if there is a correlation with Bitcoin.
