Our Chainlink price prediction might flip very bullish if the price reclaims a very critical level. Currently, the LINK coin is trading at $8.60, 0.71% down within the last 24 hrs. The $8.4-$9.5 level has become very critical since the price lost it in May.
Most altcoins have recovered significantly from their lows within the last few weeks and have created higher highs. However, Chainlink appears to be lacking in this recovery as the price is yet to break the market structure in the higher timeframe.
Due to the release of the CPI report, higher volatility is expected in the markets. After a lot of greenery in the market, cryptocurrency prices are down from yesterday. The reason is a sudden red candle in BTC price that has sent a shock wave across the whole crypto market. Chainlink price has shown strength, it is down only 1.16% as compared to Bitcoin, which has plummeted by 2.24%.
According to Chainlink news, the DEX aggregator OpenOcean has integrated Chainlink to leverage its price-feeding technology on Ethereum, Polygon, BSC, and Avalanche blockchains. LINK is unarguably the most widely used oracle in the Decentralized Finance space.
Technical analysis of the LINK USD chart shows a falling wedge breakout on the daily timeframe. The price is still lacking momentum despite the breakout. The price seems to have found nice support at the $5.3-$6.0 region. Bulls need a constant volume increase to break the $9.5 resistance. A reclaim of this level might trigger a huge bullish move.
If the price reclaims $9.5 within the next few days, the Chainlink price prediction of $13 could be realized in August. This level comes into play by connecting the April high to the June low. It is worth mentioning here that the Bitcoin price action must stay positive during this whole time. To avoid a catastrophic situation, it is advisable to keep your stop loss below $7.02.
This post was last modified on %s = human-readable time difference 18:03