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<img decoding="async" width="1742" height="980" src="https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector.jpg" class="attachment-full size-full wp-post-image" alt="Chainlink" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector.jpg 1742w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-1536x864.jpg 1536w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/01/abstract-futuristic-technology-background-of-chainlink-link-price-graph-chart-coin-digital-cryptocurrency-vector-150x84.jpg 150w" sizes="(max-width: 1742px) 100vw, 1742px">
Chainlink Price Prediction: The weekends are quite stable for the cryptocurrency market as <a href="https://coingape.com/chainlink-price-slips-signaling-further-dip-ahead-here-why/">Bitcoin</a> price is struggling hard to sustain above $64000. However, the bearish momentum is still active of several major altcoins including Chainlink projecting a continued downward trajectory. The LINK price falling for three consecutive days recorded an 8.3% loss and was dumped to $13.57. Will this correction extend if BTC plunges to the $60000 mark? 
<h2 id="b-21m-link-unlocked-from-chainlink-noncirculating-supply-contracts-b">21M $LINK Unlocked from Chainlink Noncirculating Supply Contracts</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/x/X3OYqhC9.png" alt="BINANCE:LINKUSDT Chart " width="1824" height="842">
 <figcaption class="wp-caption-text">
 Chainlink Price Prediction| Tradingview
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</figure> 
Amid the current market correction, the <a href="https://coingape.com/price/chainlink/">Chainlink price</a> shows a V-top reversal from the $19.2 mark. This first lower high formation after a notable uptrend indicates an initial sign of traders’ sentiment changing in the LINK token. 
The bearish turnaround has tumbled the asset 29% down to trade at $13.62, while the market cap fell to $8.281 Billion. If the selling pressure persists, the LINK price could fall another 9-10% before hitting multi-month support of $12.26. 
The support coinciding close with the 200-weekly EMA and an ascending trendline creates a strong confluence point for buyers to counterattack. 
Furthermore, Chainlink has recently unlocked 21 million <a href="https://coingape.com/trending/will-link-price-recover-in-june/">LINK</a> tokens, valued at $295 million, from its noncirculating supply contracts, according to Spot On Chain. This includes: 
<ul> 
 <li style="font-weight: 400;" aria-level="1">18.25 million $LINK ($264 million) to Binance.</li> 
 <li style="font-weight: 400;" aria-level="1">2.25 million $LINK ($31.3 million) to a multisig wallet.</li> 
</ul> 
Since August 2022, Chainlink has unlocked 127 million $LINK and sent 107.7 million $LINK to Binance, maintaining an average price of $9.89. Currently, 391.5 million $LINK tokens ($5.4 billion) remain in 24 contracts. 
<blockquote class="twitter-tweet"> 
 21M <a rel="nofollow" href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> ($295M) was unlocked from <a rel="nofollow" href="https://twitter.com/chainlink?ref_src=twsrc%5Etfw">@chainlink</a> Noncirculating supply contracts ~3hrs ago, including: 
 • 18.25M <a rel="nofollow" href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> ($264M) to <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> • 2.25M <a rel="nofollow" href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> ($31.3M) to Multisig 0xD50f 
 Notably: – Chainlink has unlocked 127M <a rel="nofollow" href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> and sent 107.7M <a rel="nofollow" href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> to Binance at ~$9.89 since Aug… <a rel="nofollow" href="https://t.co/bVUDTMDFgZ">https://t.co/bVUDTMDFgZ</a> <a rel="nofollow" href="https://t.co/jxaO5Glxjb">pic.twitter.com/jxaO5Glxjb</a> 
 — Spot On Chain (@spotonchain) <a rel="nofollow" href="https://twitter.com/spotonchain/status/1804301451201777736?ref_src=twsrc%5Etfw">June 21, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Despite these movements, the $LINK price has remained stable, indicating a well-maintained market. This suggests that the market has been able to absorb the increased supply without significant volatility, indicating a strong demand. 
This increases the price potential for a bullish reversal offering a dip opportunity for sidelines traders. However, for buyers to regain better control over the asset, a breakout from the overhead trendline is needed. 
The potential breakout will accelerate the buying momentum and bolster buyers to challenge the $22.8 high followed by $28.7. 
However, a breakdown below the trendline will signal the continuation of the downward trend and plunge the price to $9.46. 
<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: A bearish crossover between the 20-and-200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> should accelerate the selling pressure for a prolonged downfall.</li> 
 <li style="font-weight: 400;" aria-level="1">ADX: An uptick in ADX 37% indicates the sellers leading an exhausted fall will need short bounced to recuperate the selling momentum.</li> 
</ul> 
The post <a href="https://coingape.com/markets/chainlink-price-prediction-will-link-correction-slip-under-10-by-june-end/">Chainlink Price Prediction: Will LINK Correction Slip Under $10 By June End?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Price Prediction: Will LINK Correction Slip Under $10 By June End?

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