Cryptocurrency Price Prediction: Chainlink (LINK), Shiba Inu Coin (SHIB), Gala

NEW DELHI (CoinChapter.com) — Cryptocurrency markets had a mixed weekend, with crypto coins like Chainlink (LINK) and Gala (GALA) registering serious gains. Meanwhile, meme token Shiba Inu (SHIB) price ended Oct 30 after losing 7.7%.

The wider crypto market started the current week in the red, with major cryptos like Bitcoin (BTC) and Ethereum (ETH) struggling to move above their respective resistances.

1. Chainlink (LINK) Coin Price Prediction

Chainlink’s native coin LINK price jumped over 18% in under four days, going from Oct 28’s low of $6.8 to an intraday high of $$8.2 on Oct 31. The uptrend helped LINK price move above its 100-day EMA (blue wave) resistance and flip it into support.

Furthermore, the price action has led to the LINK token’s 20-day EMA (red wave) on the path to cross above its 50-day EMA (purple wave) and form a bullish indicator called the golden cross. Traders consider the pattern an indication of positive market sentiment and a buy signal.

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Hence, the Chainlink coin might continue its uptrend and challenge resistance near $8.31, which has thwarted LINK’s price action since Aug 2022. Moreover, moving above the immediate resistance could help the LINK price reach resistance from its 200-day EMA (green wave) near $9.1 before retreating.

Meanwhile, Chainlink crypto’s RSI is nearing the overbought threshold, with a value of 65.36 on the daily chart. An overbought RSI often forecasts a trend reversal favoring bears. As a result, traders might start selling, forcing LINK to test support from its 100-day EMA near $7.6.

A marketwide sell-off might see LINK prices more than 16% to reach $6.83 before recovering.

What Drove LINK Price Rally

Data from analytics firm Santiment stated that the number of Chainlink whale addresses surged to a new all-time high on Oct 24. The number of whale addresses holding $700,000 or more reached 458, marking its highest value since Chainlink’s “opening year of public trading” in 2017.

Per traditional knowledge, strong whale buying action suggests investors are bullish for a token in the long term.

2. Shiba Inu(SHIB) Coin Price Prediction

The Shiba Inu (SHIB) coin rose more than 47% between Oct 28’s low ($0.0000103) and Oct 29’s intraday high of $0.0000152. However, the weekend ended with the SHIB price falling by 7.74% on Oct 30, as bears moved to defend the 200-day EMA (green wave) resistance.

However, the meme token began the week on Oct 31 in the green, jumping 6.7% between the intraday low ($0.0000117) and high ($0.0000125) levels. If the uptrend continues, SHIB’s 20-day EMA (red wave) might move above its 50-day EMA (purple wave) to form a bullish signal called the golden cross.

Traders consider the pattern an indication of positive market sentiment and a buy signal. Hence, Shiba Inu(SHIB) prices might move up to target resistance near $0.0000125. Moreover, a break and close above immediate resistance could see the SHIB coin reach resistance from its 200-day EMA near $0.0000134.

Meanwhile, an overbought RSI saw SHIB price reverse the trend on Oct 30. Currently, the RSI of the Shiba Inu token is neutral, clocking at 62.51 on the daily chart, but the RSI trendline hovers close to the overbought region.

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Consequentially, SHIB price might fall to test support from its 100-day EMA (blue wave) near $0.000012. A marketwide sell-off could force the Shiba Inu coin to test support from the confluence of 20-day EMA and 50-day EMA near $0.000011 before recovering.

What Led To Shiba Inu coin’s Price Rise

Shiba Inu price started rising, likely in anticipation of involvement in Elon Musk’s crypto plans for Twitter. SHIB fans might be hoping that Musk would integrate the token as a payment method on the social media giant.

Another reason for the uptrend might be a cryptic tweet from Shiba Inu’s lead developer Shytoshi Kusama, hinting at an update for the meme token coming soon. The update might be related to the Shiba Eternity game.

3. GALA Crypto Price Prediction

The Gala crypto price jumped a massive 38.8% on Sunday, capping off nearly a week of bullish rally. However, the long wick on Oct 30’s daily candle indicated the strong presence of bears near the higher price levels.

Furthermore, the relative strength index of the Gala crypto almost became overbought on Oct 30, acting as another bearish cue for the GALA coin price. Traders usually consider overbought RSI levels a sell indicator. Currently, the RSI is neutral at a value of 64.36 on the daily charts.

Hence, GALA could see more sell-off, resulting in the token testing support from its 50-day EMA (purple wave) near $0.04. A marketwide sell-off could see GALA price fall to $0.036 before recovering.

However, the long lower wick on Monday’s candle suggests bulls are aggressively defending the 50-day EMA support. If they succeed, the Gala crypto could rise to challenge resistance near $0.0452.

Moreover, a break and close above immediate resistance could help GALA price target resistance from its 100-day EMA (blue wave) near $0.051 before corrections pare gains.

What Helped GALA Coin Price

The announcement of a new game called Spider Tanks on its platform might have helped Gala token’s price jump. The game is a PvP brawler, where players select tanks to battle it out in arena maps. Spider Tanks is free to play with incorporated concepts of play to earn.

Moreover, the game would also have NFTs.

Additionally, Bitrue announced plans to list the Spider Tank game’s native token, SILK, for spot trading. The SILK/USDT trading would start trading on Oct 31 at 1400 hrs (UTC).

Since you are here, read to find out why Peter Brandt is bullish for Dogecoin.