bullish

Chainlink

<p>The post <a href="https://coinpedia.org/price-analysis/chainlink-price-fails-to-hit-12-link-to-retest-10-before-reversal/" rel="noopener noreferrer nofollow">Chainlink Price Fails To Hit $12! LINK To Retest $10 Before Reversal?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In spite of increased price volatility in the cryptocurrency market, the Chainlink (LINK) price has failed to break its important resistance level of $20. Furthermore, it has been constantly forming lower highs, indicating a strong bearish influence for this altcoin in the crypto space.</p>
<p>With a Year-to-Date (YTD) return of -22.07% and rising uncertainty in the marketplace, is this a good time to stack more LINK tokens to maximize profits during the upcoming months?</p>
<h2 class="wp-block-heading" id="h-link-price-fails-to-break-out-of-its-triangle-pattern">LINK Price Fails To Break Out Of Its Triangle Pattern</h2>
<p>The <a href="https://markets.coinpedia.org/chainlink/" rel="noopener noreferrer nofollow">Chainlink</a> price has formed a descending triangle pattern in the 1D time frame and has continued trading within it since mid-May. Moreover, with the recent market volatility, the altcoin failed to break out of its trend pattern. This has resulted in this Ethereum-based token dropping toward its support level.</p>
<figure class="wp-block-image"><img decoding="async" width="1435" height="756" src="https://image.coinpedia.org/wp-content/uploads/2024/08/27173803/image-482.png" alt="LINK price analysis 27 aug 2024" class="wp-image-343236" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/27173803/image-482.png 1435w, https://image.coinpedia.org/wp-content/uploads/2024/08/27173803/image-482-300x158.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/27173803/image-482-1024x539.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/27173803/image-482-768x405.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/27173803/image-482-150x79.png 150w" sizes="(max-width: 1435px) 100vw, 1435px">
</figure>
<p>Despite recording a correction of 5.60% in the past day, this crypto token has surged 11.43% over the past week. This gives its investors a sign of relief. This surge further hints at a potential bullish reversal for the Chainlink token in the coming time.</p>
<p>The EMA 50-day has displayed a negative crossover in the 1D time frame. This indicates an increase in the selling pressure for the LINK price in the crypto market.</p>
<p>Further, the RSI indicator has recorded a sharp drop below the overbought range. Moreover, its average trendline records a high possibility of a bearish convergence in the LINK price chart. This highlights that the price may continue losing value this week.</p>
<h2 class="wp-block-heading" id="h-will-chainlink-go-up-in-2024">Will Chainlink Go Up In 2024?</h2>
<p>If the bulls break out of the resistance trend line of the triangle pattern, the <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/" rel="noopener noreferrer nofollow">LINK price</a> will prepare to test its upper resistance of $14 in the coming time. Moreover, if the bulls hold the price above that level, this altcoin will prepare to head toward its upper high of $17 in September.</p>
<p>On the contrary, if the bears continue to overpower the bulls, the Chainlink price will retest its support level of $11. If the bulls fail to regain momentum at that point, the LINK crypto will further plunge toward its crucial support level of $8.</p>

Chainlink Price Fails To Hit $12! LINK To Retest $10 Before Reversal?

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