Strong

Chainlink

<p>The post <a href="https://coinpedia.org/price-analysis/chainlink-price-records-bearish-reversal-link-price-hints-a-10-plunge/" rel="noopener noreferrer nofollow">Chainlink Price Records Bearish Reversal! LINK Price Hints A 10% Plunge?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The cryptocurrency market has entered into a consolidated phase, as top cryptocurrencies continue to display a neutral price action since the week started. Moreover, the altcoin leader, <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a>, continues to hover close to its important support of $2,800, highlighting a cool-off in the price action.</p>
<p>On the other hand, the <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Chainlink price</a> has recorded a strong bearish reversal in its price action after trading under a bullish sentiment for the past two weeks. With the rising volatility, will the LINK price hit $20 over the weekend?</p>
<h2 class="wp-block-heading" id="h-link-price-records-a-strong-bearish-price-action">LINK Price Records A Strong Bearish Price Action!</h2>
<p>Amid increased bullish sentiment in the crypto market during the second week, the Chainlink token formed a rising channel pattern in the 4H time frame. However, the altcoin has recorded a bearish trend reversal, resulting in it experiencing a breakdown in the chart.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/bxoqYuvDtB5QCyB9uP1sZg2NBz3NFVIynI1G7UufqyJg_SpzJTPwzVy50VbsBqjnVWYJSag4oN8aOWQ0WDxsrGhVCGqChdRLwQikxfUuW1h5viZezBpQ4VhpnPpmI3gEZgTzzD9PgJqc7tASSfXjZUQ" alt="LINK Price Analysis">
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  TradingView: LINK/USDT
 </figcaption>
</figure>
<p>At the time of writing, the price of the Chainlink (LINK) token was $17.910. With a circulating supply of 587,099,970 LINK and a market cap of $10.47 Billion, the <a href="https://markets.coinpedia.org/chainlink/" target="_blank" rel="noopener noreferrer nofollow">LINK price</a> has secured the 13th spot in the global crypto market list by market capitalization.</p>
<p>The Simple Moving Average (SMA) displays a bearish curve in the 4H time frame. Further, it hints at a high possibility of a bearish crossover in the coming time, indicating a negative outlook for the altcoin in the crypto market.</p>
<p>Moreover, the MACD shows a constant rise in the red histogram, indicating an increase in the selling-over-buying pressure in the crypto space. On the other hand, the averages display a significant decline in the chart, suggesting the price will continue losing value over the coming weekend.</p>
<h2 class="wp-block-heading" id="h-will-chainlink-price-go-up">Will Chainlink Price Go Up?</h2>
<p>If the market regains momentum, the Chainlink token will retest its resistance level of $18.250. Moreover, if the bulls hold the price at that level, it will set the stage for the LINK coin price to prepare to test its upper resistance level of $19.220 in the coming time.</p>
<p>Conversely, if the bears continue to dominate the market, the LINK token will test its support level of $17.200. In case, bulls fail to hold the price at that level, it will plunge and prepare to test its crucial support level of $15.925 during the upcoming weeks.</p>

Chainlink Price Records Bearish Reversal! LINK Price Hints A 10% Plunge?

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