Chainlink is up by 10 per cent in today’s trading session. However, despite the strong bull move, the crypto has continuously traded in a sideways market for the past two weeks.
In the markets, the chainlink price looked poised to make a strong recovery on June 14, when the prices rose by 13 per cent. The strong bullish move was also followed by a consecutive 8 percentage gain in the markets. At that time, the trend looked clear that we would be seeing a ChainLink recovery.
However, that was followed by a strong bearish trend of 13 per cent, which was also followed by another bear move that wiped out all the gains the Chainlink had made. The reversal of the gains also marked the start of a sideways market that has seen all gains made by ChainLink get wiped out after a few trading sessions.
Today, the prices are up by 10 per cent, and although the trend looks like a recovery, based on the previous price action, there is a high likelihood that we are still in a sideways market and the gains will be reversed in the coming sessions.
Looking at the chart below, the prices are already up by 10 per cent. The trend also looks aggressive enough for the bullish to continue throughout the session. However, there is a high likelihood that today’s push to the upside will be reversed in the coming session. This is because we are still in a sideways market which, based on the previous price action, has continuously wiped out any gains made.
Therefore, my ChainLink price prediction expects the current sideways market to continue. There is a high likelihood that, despite the strong bullish trend today, the next few trading sessions will wipe out all the gains. However, if the prices trade above the $7.5 psychological level, then my sideways market analysis will be invalidated. It will also mean recovery has started for Chainlink.
This post was last modified on Jun 28, 2022, 15:04 BST 15:04