Chainlink Price Prediction: Bears Resume After Days of Sideways Market

Chainlink is down by two per cent in today’s trading session. After yesterday’s bullish signals, this resulted in the prices rising by four per cent. However, despite today’s price drop, the trend has been sideways for the past few days.

The past few days have also seen an increased interest in the chainlink platform partly due to the company’s direction. Reports this week indicate Chainlink had hired Kemal El Moujahid, a Facebook veteran who oversaw TensorFlow at Google. His expertise in artificial intelligence and years of experience are expected to help the platform better identify identity authorities for its oracle platform.

Chainlink ecosystem projects are also growing rapidly. Truflation, for instance, announced that it had successfully raised enough capital to continue with its development. This is after closing their first private token sale. Truflation platform is on a mission to systematise, standardise, decentralise, and democratise all financial and economic data reporting. Truflation is expected to be a core part of the Chainlink platform and is likely to result in the growth of the Chainlink and an increase in the prices of the cryptocurrency.

Chainlink recently set a new price low of $5.48. Since then, the cryptocurrency has risen by 40 per cent to its current price of $7.47. However, in the past few days, the bullish trend seems to have lost all its momentum and has traded sideways. In today’s trading session, Chainlink is down by two per cent. The crypto is also showing signs of continuing with the current bearish trend throughout the session.

Looking at the daily chart below, we also notice that, although the cryptocurrency has been in a long-term downward move for most of the time, it has made numerous bearish flags. My Chainlink price prediction is the current bullish move is a bearish flag.

Therefore, I expect that the current push to the downside is a resumption of the long-term bearish trend. There is a high likelihood that the prices will hit the $5.48 support level again. However, if the prices close above the $8 price level, then my trade will be invalidated. It will also mean the current bullish push is a trend reversal and not a price correction.

Chainlink Daily Chart

Chainlink price prediction