Chainlink price prediction bets of a bullish recovery got a rather rude awakening after buying momentum dried up above the 20.121 price mark.
Some market watchers may have expected more from the LINK/USDT pair after news broke of a criminal probe of Tether’s executives. However, they have been disappointed as Tether continues to hold its own against the LINK token.
The eagerly awaited staking of Chainlink tokens commenced on 27 July. However, this has not produced the desired spark regarding a bullish push in Chainlink’s price action. Chainlink is down 0.12% as of writing.
A look at the daily chart shows that the most recent dip in Chainlink’s price was the resolution of the bearish pennant, which terminated at the 13.801 support. A bounce on this support and the accompanying V-shaped recovery fuelled bullish Chainlink price predictions, but this recovery has stalled at 20.12.
Bulls need to initiate a breakout above this level for the following upside targets at 22.472 and 26.273 to be attained. However, only a break above 31.74 allows for a complete recovery move to get underway, targeting 36.98 and 44.112.
On the other hand, if selling resumes from the rejection at 20.12. we can expect 16.476 to come under attack once more. If this attack successfully takes out that support level, 13.801 and 10.689 could become the new targets to the south.