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Chainlink Price Prediction – Link Price could fall by 50%! SELL NOW?

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The price of Chainlink was bound to rise by around 100% as the price held the +/- $16 support. However, the entire crypto market started to fall again. On top of the heavy crypto crash, LINK broke its strong support which is why it has declined a bit more recently. But what are the future goals of the Chainlink price? Is the outlook rather bleak and should we prepare for a stronger crash? Let’s tackle everything you need to know about Link in this Chainlink price prediction!

Chainlink price broke the +/- $16 support and dropped to $13.02. The price might confirm the break of the support by turning it into a resistance level. This could allow the Chainlink price to rise again to $16. The price could then continue the downward phase. The current downtrend could continue to around $7.30. This is where Chainlink finds renewed support, where enough buyers could be found for the price to rise from this point. However, we would not yet determine that the price will see the completion of the downtrend at this point.

LINK/USDT 1-day chart showing the next support of LINK
Fig.1 LINK/USDT 1-day chart showing the next support of LINK – TradingView

Once the Chainlink price hits the $7.30 support, we could see a brief bullish streak, but it doesn’t necessarily look bullish overall. There is a chance that we will break the $7.30 support. This probability is based on the downtrend, which is why we could reach the next target of +/- $4.58.

LINK/USDT 1-week chart showing the further potential low of LINK price
Fig.2 LINK/USDT 1-week chart showing the further potential low of LINK – TradingView

The Chainlink price against Bitcoin has been in a descending triangle for a few weeks. This triangle could break out soon as we are in the last third of the formation. If the price breaks lower, which we expect it will, going forward the rate could be ฿0.0000816 – ฿0.00015. There is support at both points where the Chainlink price could turn up. Based on this analysis, our Chainlink forecast looks rather bleak. The price is likely to be outperformed by the Bitcoin price, which is why one should consider switching to Bitcoin.

LINK/BTC 1-week chart showing how BTC might perform better than LINK
Fig.3 LINK/BTC 1-week chart showing how BTC might perform better than LINK – TradingView

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The post Chainlink Price Prediction – Link Price could fall by 50%! SELL NOW? appeared first on CryptoTicker.

Chainlink Price Prediction – Link Price could fall by 50%! SELL NOW?  

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