Chainlink price is seeing a second consecutive day of dropping in today’s trading session. This is after trading sideways for almost a week. The drop in price is, however, not surprising, as it looks like the resumption of the long-term bearish move that started on April 4, 2022.
The drop in price comes amidst a recent surge in interest from whales. This has included taking the top spot as the number cryptocurrency from the top 100 Ethereum whales. in the last 24 hours, we have also seen a huge uptick in the number of transactions and Chainlink volume traded. This is after a 44 per cent rise during that period, bringing the total amount of Chainlink traded to around $508 million.
Past 24 hours data also shows the bit drop that the cryptocurrency is experiencing, losing 8 per cent of its value. The drop in the price of the cryptocurrency, however, is not being driven by a lack of market for the cryptocurrency, as chainlink continues to hold the top position for the top investor, with over $140 million worth of chainlink bought in the past few days by these whales.
The chart below shows Chainlink started trading along a descending trendline in Early November 2021. Today, the prices have recently hit the trend line, which now acts as resistance. The prices have also failed to break the descending trend line and instead started another bearish move. However, in the past few days, the prices had been trading within a week. Today’s trading session looks poised to break the sideways market. It is also the second consecutive day that the prices are losing.
Therefore, my Chainlink price prediction expects the prices to continue with their downward trend. I also expect the prices to hit the $11.53 support level. There is a high likelihood of the prices trading below the support level. If that happens, then it is likely that the prices may fall below the $10 psychological level. Prices will likely approach the long-term support level of $7.81 but I don’t see them hitting the level.
This post was last modified on Apr 18, 2022, 13:42 BST 13:42