Altcoin
Chainlink Price Records Bearish Reversal! LINK Price Tips A 10% drop?
The cryptocurrency market has entered a consolidation phase, as major cryptocurrencies continue to show neutral price action since the start of the week. Furthermore, the altcoin leader, ETH pricecontinues to remain near its important support of $2,800, highlighting a cooling in price action.
On the other hand, the Chain price has seen a strong bearish reversal in its price action after trading with bullish sentiment for the past two weeks. With increasing volatility, will LINK price reach $20 over the weekend?
LINK price sees strong bearish price action!
Amid the growing bullish sentiment in the cryptocurrency market during the second week, the Chainlink token formed a rising channel pattern on the 4-hour time frame. However, the altcoin recorded a bearish trend reversal, causing the chart to collapse.
TradingView: LINK/USDT
At the time of writing, the Chainlink (LINK) token price was $17,910. With a circulating supply of 587,099,970 LINKS and a market capitalization of $10.47 billion, Price LINK has secured the 13th place in the global cryptocurrency market list by market capitalization.
The simple moving average (SMA) is showing a bearish curve on the 4H time frame. Furthermore, it suggests a high possibility of a bearish crossover in the near future, indicating a negative outlook for the altcoin in the cryptocurrency market.
Furthermore, the MACD shows a steady increase in the red histogram, indicating an increase in selling versus buying pressure in the crypto space. On the other hand, the averages show a significant drop in the chart, suggesting that the price will continue to lose value in the coming weekend.
Will Chainlink Price Increase?
If the market regains momentum, the Chainlink token will retest its $18,250 resistance level. Furthermore, if the bulls hold the price at that level, it will set the stage for the LINK coin price to prepare to test its upper resistance level of $19,220 in the coming times.
Conversely, if bears continue to dominate the market, the LINK token will test its $17,200 support level. In case the bulls fail to hold the price at that level, it will collapse and prepare to test its crucial support level of $15.925 in the coming weeks.