Following China’s expanded horizon on its crypto ban, Chainlink (LINK/USDT) was among the assets that took a heavy pounding in the crypto market this Tuesday. The Chainlink price prediction is for the asset to undergo more correction before bulls can stabilize the situation.
Chainlink had started the day on a positive note before the bears came back into the mix to extend losses for the second day running. Following an additional 8% drop on the day, Chainlink is currently testing the support level that lies at $16.47. There are indications that if price takes out this support, we could have more selling on the asset before bulls come in to stabilize the picture.
The outlook for LINK/USDT is for the asset to continue experiencing bearish pressure, which could lead to a breakdown of the 16.476 support level (24 November 2020 high). This price move could extend towards 13.801, with 10.689 (late December 2020 lows) lining up as additional support targets.
This outlook is only invalidated if the price bounces on the current support, allowing for a potential recovery towards 20.121 and 22.472. Additional targets to the north include 26.273 and 28.763, above which the sentiment could become bullish.
