Chainlink Price Prediction: Link Likely to fall below $10

Summary:

In today's trading session, Chainlink prices have remained relatively stable, with little activity in the market.

In today’s trading session, Chainlink prices have remained relatively stable, with little activity in the market. However, this was not the case in yesterday’s trading session, where prices fell by more than 10 per cent wiping gains made the previous day. Yesterday’s price drop was also a resumption of the long-term bearish trend that resulted in a 35 per cent price drop in April.

However, in the past few days, significant developments are likely to see the price of Chainlink starting to gain in the markets. This includes the recent announcement by Coinshares that it will be listing Chainlink and Uniswap as their newest physically-backed exchange-traded products (ETPs). In addition, the reports suggest that Chainlink as an ETP will now be listed on Germany’s Xetra exchange.

The listing is likely to see an increase in the volume of Chainlink traded, which will result in a price surge of the cryptocurrency. In the past 24 hours, for instance, the trading volume of Chainlink surged by 14 per cent bringing the total traded to $574 million.

Chainlink Price Prediction

The daily chart below shows that there have not been a lot of price movements in today’s trading session. However, the prices of Chainlink have failed to continue with the bullish move that started during the early hours of the trading session. The chart also shows that, although the RSI indicator had recorded a small divergence that would mean a trend reversal, the current reading is of a very strong bearish trend. The Williams Alligator also shows that the Chainlink is still in a strong bearish move.

Therefore, I expect Chainlink’s price to continue with the bearish trend in today’s trading session. I also expect that Chainlink prices will be dropping in the coming sessions. Having hit the $10.7 support level and failed to break, I expect the current bearish trend will break to the downside. There is also a high likelihood of prices setting new price lows of below $10. This price level has not been hit since December 2020.