Have Traders Given Up on Chainlink? When Will the LINK Price Regain $20?

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Written By Pinang Driod

Chainlink, which once broke above the multi-year consolidation, appears to have entered yet another similar phase. The recent crash caused the price to drop harder by over 25% but the bulls jumped in time, which elevated the price to some extent. However, the LINK price is consolidating along the key support levels, which has left market participants perplexed over the next price action. 

The LINK price so far has traded fairly, as it is in more than 2x profit. The short-term price action suggests the bulls are trying hard to keep up the levels above $18, which indicates a rise beyond $20 could be pre-programmed if the LINK price records a bullish breakout above $19.1 and sustains throughout the weekend. 

The LINK price appears to be following a similar pattern after a massive bullish or bearish action, which indicates the bulls could be accumulating strength for the next price action. The price is stuck between the 50-day and 200-day MA levels, which are acting as strong resistance and support levels. On the other hand, the MACD is closer to flashing a buy signal, as both levels are about to undergo a bullish crossover. This suggests the LINK price may encounter a bullish weekend, which may elevate the levels beyond $20. 

The market participants appear to have shifted their focus away from the token, due to which, the price remains stuck within a region. However, Chainlink is a standard when it comes to bridging the gap between Web 2 & Web 3, such as tokenizing real-world assets. Therefore, it can be considered a sleeping ‘gaint’ that may soon surprise everyone with more than a double rally. 


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