Chainlink Price Prediction: LINK Tumbles After Failed Breakout Attempt

The LINK price has failed to break out of the falling wedge which was mentioned in our previous Chainlink price prediction. The price was rejected from the descending resistance due to the lack of buying pressure. Consequently, the native asset of the top oracle is trading at $6.10 and on the verge of retesting its $5.30-$6.0 support. This region has become critical for the price of Chainlink as it has bounced off this region multiple times.

During Tuesday’s trading session, LINK crypto has slid by 3%, so far. Most altcoins are retesting their local supports as Bitcoin price is back below $20,000, after a failure to reclaim the key psychological level. Many analysts fear that the worst is yet to come for altcoin prices. However, many market indicators are already overextended, indicating that at least the short-term bottom might be in.

Our Chainlink price prediction will remain bearish till the price breaks out of the falling wedge, making a higher high. According to official Chainlink news, the project has hit the major milestones of 3 Billion data points, 185 million+ on-chain calls and 7 million randomness requests These prove that LINK is by far the biggest oracle network.

Technical analysis of the Chainlink price chart depicts that the price has been trading inside the falling wedge since the rejection from $38. In case of a successful bounce from the $5.30-$6.30 support, LINK coin price is likely to attempt another retest. In case of a successful breakout, the price might surge to $10.3 almost immediately.

It is also worth mentioning that any Chainlink price prediction depends on the Bitcoin price action. If Bitcoin price fails to reclaim the $20,000 this week, LINK is likely to hit new lows. Therefore, it might be a good idea to keep stop loss for any long positions below $5.30. The price would only gain strength in case of a relief rally in BTC price. If you’re looking to buy Chainlink, then it is available on Binance.

LINK USD Daily Chart

Technical analysis of Chainlink price chart (1D)
Chainlink Price Chart (1D)