• Chainlink (LINK) hit its bottom at the end of 2022, with a value of $5.473 and posted a 30% gain into the new year.
• LINK could target its December high of $7.682 in the next few days, but only if the bullish momentum increases.
• Weak hands could lock profits at $6.617 and $6.924, while long-term HODLers could enjoy up to 20% profits.
As the crypto market experienced a tumultuous period in the end of 2022, Chainlink (LINK) was no exception. After hitting its bottom at around $5.473, LINK posted a 30% gain into the new year. However, the bears came back when Bitcoin dropped to the $20,000 region, pushing LINK’s value to its current position of $6.422.
Nevertheless, bulls have thronged to buy LINK at discounted prices and the Relative Strength Index (RSI) is facing rejection from the overbought zone. This indicates that LINK could target its December high of $7.682 in the next few days, but only if the bullish momentum increases.
In such a scenario, those who are looking to make a quick profit could lock their profits at the $6.617 and $6.924 hurdles. These levels have the potential to bring 10% gains. On the other hand, long-term HODLers could enjoy up to 20% profits if LINK reaches its December high.
However, it is important to note that there is also a possibility that the bears will breach the current support and push LINK’s value to $6.050. To get a better idea of the short-term trend, investors should track Bitcoin’s movements and the Federal Open Market Committee’s announcement at the end of January.