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Chainlink Price Prediction: LINK Retests Support After Bearish CPI Report

Our previous Chainlink price prediction has played out exactly as predicted. As mentioned in our last article, the LINK crypto price has retested its $5.3-$6 support and got a successful bounce. Consequently, the price is now trading at $6.21. It is also worth mentioning here that the $5.3-$6 support region appears to have weakened after too many retests and might break on the next retest.
Most altcoins showed bearish price action on Wednesday after the reveal of record-breaking inflation numbers. The markets reacted immediately to the report as the Bitcoin price fell below $20,000. The top cryptocurrency is still struggling to stay above the $20,000 psychological barrier as the battle between bears and bulls continues.

Despite bullish adoption stats, Chainlink price prediction remains bearish. This is because LINK coin underperformed compared to other DeFi tokens in the last year’s bull run. According to Chainlink news, Overtime Markets has integrated LINK on Optimism network to help secure its prediction markets. Overtime Markets is a sports market AMM. With this integration, Overtime would have access to results and data covering 16 different professional leagues.

Chainlink Price Prediction

Technical analysis of the Chainlink price chart depicts a low volume breakout of the falling wedge pattern, followed by sideways price action. The $5.50 support level has been tested 4 times within the past 2 months. If bulls fail to reclaim $7.5 soon, LINK price might dip to fresh lows in the coming weeks.

It is also worth mentioning here that Chainlink mostly follows the Bitcoin price action. Therefore, any fresh lows for Bitcoin price might trigger a similar bearish move for LINK. If the current bounce continues, the price can easily target $8 in the short term.

However, this Chainlink price prediction would be entirely out of the window if Bitcoin loses $20,000. Hence it is very significant to keep an eye on Bitcoin price action if you’re trading any altcoin in these conditions. Chainlink is available on all the top exchanges like Binance, BYBIT and Kucoin.

Technical analysis of Chainlink price chart (4H)
Chainlink Price Prediction (4H)