Chainlink Price Prediction: A Descent Below $26.27 Could Provoke More Selling

Chainlink’s charmed run during the crypto market meltdown seen last week appears to have come to a crashing halt, tapering bullish Chainlink price predictions.

The token had seen its price rise from $20 to just under $29 in a week, notching up close to 50% gains while the rest of the market was under aggressive selling pressure. However, things appear to have cooled off this Monday, following a selloff that has taken the Chainlink price back to the $26 mark.

Following the rejection at 28.76, the expected measured move from the triple bottom’s neckline break appears to have been truncated. 

The 26.27 support level is under threat due to the intraday violation shown on the 4-hour chart. A breakdown of this level allows the 24.00 support level to become the immediate target for the bears. 22.47 and 20.12 remain additional support targets in the near term. 

Conversely, the bulls need to resist the intraday violation to preserve the sanctity of 26.27 as valid support. Any bounce from this level targets 27.52 initially before retesting the 28.76 barrier that held last week. Only when this barrier gives way can a price move towards 31.74 be actualized, which completes the measured move from the triple bottom.

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