Chainlink Price Lost Bullish Momentum; Will LINK Bounce Back?

• 1 Chainlink price prediction suggests bulls will soon return back to the track and push the price upward.
• 2 LINK price faced rejection from $17.00 and retraced back to the 50-day EMA.
• 3 Chainlink crypto lost the bullish momentum and got stuck into a range.

Chainlink price prediction still favors the bulls and suggests LINK stays bullish till it holds a $10.00 level. It is consolidating for the base formation and very soon buyers may get active to halt the downfall.

LINK price is spending time in a wide range between $12.884 to $17.000. Buyers had tried twice to break the higher range and expand the range upward. However, the sellers were active and succeeded both times in defending the $17.000 supply zone.

Later, slowly and steadily the LINK crypto price reversed downward and entered into a short-term correction phase.

The 50-day EMA reached $14.00 and it is acting as an immediate support for the bulls. Buyers near EMA look reluctant to build fresh longs due to fear of more sell-offs. Therefore, the Chainlink price needs fresh buying and new participants to show a bounce.

If that doesn’t happen, bears will strengthen their grip and pull the price further down. If the price drops below the 50-day EMA, then the next crucial support will be the lower range of the consolidation.

At the time of writing, the pair of LINK/USDT is trading at $13.884 with a one-day decline of -0.92%. In the last 24 hours volume to market cap stands at 4.61%.

Chainlink Price: Is the Downfall a Short Term Correction?

Source: LINK/USDT daily chart by Tradingview

Chainlink price witnessed a minor sell-off after facing rejection from the $17.00 level. It clearly shows that the sellers are still active on the boundaries of the higher range.

The next directional move in LINK will be visible. When buyers or sellers break either side of the range.

The chart pattern shows that bears look more powerful so the price may decline further and test the $12.00 zone. Yet, buyers may come forward anytime and might show a sudden bounce.

Will LINK Price Decline More?

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LINK price fell approximately 14% in the last week and formed a giant bearish candle on the weekly chart. Sellers trying to give the follow-down momentum. So, if they succeed then more downside will open.

The MACD curve collapsed down and histogram displayed a red bar indicating weakness. The RSI at 43 sloping down also denotes that sellers are strengthening their grip.

Conclusion

Chainlink price prediction is bullish for the long term till it holds the $10.00 level. But for the short term LINK price looks mildly bearish and may decline further the in coming weeks.

The analysis suggests, LINK crypto is good for long term investment so they may look to accumulate it in the dips.

Technical levels

• Resistance levels: $17.357 and $20.000
• Support levels: $12.884 and $10.066

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.

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