Price Analysis

Chainlink (LINK) Price Displays A Potential Breakdown! Hints 15% Drop Soon?

Amid increased price volatility in the crypto market, the LINK price continues to display a weak price action by recording a correction of 4.56% within the past day with a trading volume of $282.500 (+4.78%) during this time.

Moreover, the Chainlink token has lost 7.01% within the last seven days and approximately 11% over the past 30 days. Moreover, its  Year-to-Date (YTD) return stands at -17.18%, highlighting a strong bearish influence for the altcoin in the market.

The LINK coin price recently broke down its important support level of $13.275, indicating an increase in the selling-over-buying pressure within the crypto space.

Moreover, the altcoin has formed a channel pattern in the 4H time frame and is on the verge of testing its support trendline, the outcome of which is unpredictable. 

TradingView: LINK/USDT

On the other hand, the technical indicator, EMA 50-day, acts as a resistance to the price chart, suggesting a high possibility of bearish price action in the coming time.

The Relative Strength Index (RSI) shows a bullish rebound at the over-sold range, indicating an increase in the buying pressure in the crypto space. However, the average displays a bearish curve, suggesting a negative outlook for the Chainlink price.

If the market pushes the price above the resistance level of $13.275, the bulls will regain momentum and prepare to test its resistance trendline in the coming time. Moreover, if the bulls hold the price at that level, the LINK price will prepare to test its upper resistance level of $15.050 this month.

On the flip side, if the bears continue to dominate the crypto market, the Chainlink price will plunge toward its crucial support level of $11.775 by breaking down its support trendline during the upcoming time.

SOURCE

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