2024

Bitcoin

April

Chainlink

Amid the recent market sell-off, the <a href="https://coingape.com/price-predictions/chainlink-link-price-prediction/">Chainlink price</a> witnessed a notable reversal from the $16 psychological level. This new lower high formation in the daily chart indicates the sellers are still dominating the price movement and have plunged the asset to $13.7, registering a weekly loss of 14.4%. If the supply pressure persists, the LINK price could retest the multi-month support at $11.8, indicating the potential of a bullish reversal. 
Also Read: <a href="https://coingape.com/bitcoin-and-altcoins-come-under-pressure-ahead-of-fed-interest-rate-decision-on-may-1/">Bitcoin and Altcoins Come Under Pressure Ahead of Fed’s Interest Rate Decision on May 1</a> 
<h2 id="b-will-the-falling-wedge-lead-to-a-bullish-reversal-b">Will the Falling Wedge Lead to a Bullish Reversal?</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/7/7cjh1q6m.png" alt="BINANCE:LINKUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Chainlink Price| Tradingview
 </figcaption>
</figure> 
Over the past seven weeks, the Chainlink price has witnessed a steady correction trend evidenced by a <a href="https://coingape.com/education/falling-wedge-pattern-what-to-do-if-it-appears-on-a-crypto-chart/">falling wedge pattern</a> in the daily chart. Under the influence of this setup, the bears led lower high formations signaling the traders are actively selling on a bullish bounce. 
However, the 50% Fibonacci retracement level around $13.82 level has stalled the falling price, resulting in a 1.14% intraday jump. In a recent analysis by the prominent trader @alicharts, a buy signal was identified for Chainlink (LINK) on the 12-hour chart. This technical indicator, known as the TD Sequential, suggests a potential upward movement for LINK if it sustains above the support level of $13.87.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The TD Sequential is flashing a buy signal on the <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw">#Chainlink</a> 12-hour chart! If <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> stays above the $13.87 support, we could see a strong rebound to $15.50. <a href="https://t.co/BJgvEtzUho">pic.twitter.com/BJgvEtzUho</a> 
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1784646217193955615?ref_src=twsrc%5Etfw">April 28, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<blockquote>
 Should the cryptocurrency maintain this critical support, the trader hints at a strong rebound to the target price of $15.50. This potential upswing could breach the overhead trendline of the wedge pattern and signal a better confirmation of a renewed recovery trend.
</blockquote> 
A post-breakout rally could bolster buyers to chase a potential target of $18.6, followed by $20.7 and $22.86. 
On a contrary note, if the broader market correction prolongs, the <a href="https://coingape.com/markets/chainlink-price-hints-20-upswing-amid-key-resistance-breakout/">LINK price</a> is likely to retest the pattern’s support at $11.72 to seek buying liquidity. Until this lower support is intact, the Chainlink coin holds a strong potential for bullish reversal. 
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Experimental Moving Average: The LINK price trading below the 200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> provides the sellers an upper hand over this asset.</li> 
 <li style="font-weight: 400;" aria-level="1">Directional Movement Index: A negative crossover between the DI+(blue) and DI-(orange) slope indicates the correction trend is active.</li> 
</ul> 
The post <a href="https://coingape.com/markets/will-chainlink-price-correction12-chart-pattern-insight/">Will Chainlink Price Extend Its Correction Below $12? Chart Pattern Offers Insight</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Will Chainlink Price Extend Its Correction Below $12? Chart Pattern Offers Insight

Table of Contents

Coingape News Media

Other articles published on Apr 29, 2024

2024’s Hottest Multi-Chain Meme Coin Surpasses $12 Million in Presale – ClayBro Video Update

Crypto on track to hit 1B users by end of 2025 — Analyst

Turmoil at Beribit: Clients Protest as Russian Crypto Exchange Faces Possible Ban

Stablecoins Gain Prominence in the Cryptocurrency Market

Pollbits: Convenient Trading of Cryptocurrencies

EigenLayer Announces Upcoming Airdrop Details

Join our free newsletter for daily crypto updates!