Chainlink Price Breaks Multiyear Uptrend After a Failed Rally 

Chainlink price has recently broken below a multiyear uptrend which started way back in March 2020, right after Covid crash. 

Chainlink price surged to an All-Time High (ATH) of $52 in May 2021, owing to a steady rise in the Total Value Secured (TVS) by the network throughout the year. As per an announcement from Chainlink, the TVS reached a whopping $75 billion in November 2021. 

Chainlink is currently the 22nd largest cryptocurrency, sitting at a market cap of more than $7 billion. The Chainlink fundamentals are also looking quite bullish as it is the most widely adopted oracle. Currently being used by more than 1000 different protocols. These protocols are deployed on several blockchains like Ethereum, Avalanche, Binance Smart Chain, Fantom, and Harmoney. A recent rally took the price up from December 2021 lows of $13.48 to the highs of $28.71 on 13th January 2022. However, Chainlink price faced a huge rejection from the $28-29 region and has plummeted nearly 47% since then and now trading at $15.16. This failed rally is showing that the bears are in good control of Chainlink price and the ongoing downtrend may last for quite a while. 

Chainlink price is still 71% down from its All-Time High of $52. The most alarming factor for the bulls is the fact that Chainlink price has finally broken an uptrend that started way back in March 2020. Nevertheless, the price finally found some support at $13.48 and is now up 11% since then. 

It is also being suspected that the recent bounce in Chainlink price could be a dead cat bounce, and it may further dip to $12.5 in short term. This is the 0.786 Fib level taken from the March 2020 lows of $1.51 to the ATH of $52. Bull needs to push the price back above the trendline to target further upside. 

LINKUSD Price Chart