As mentioned in our previous Chainlink price prediction, the rejection from the $9.50 level resulted in a price reversal. The $8.40-$9.50 level has become very critical for LINK crypto due to multiple rejections from this level. Consequently, the price has plummeted to the $6.0-$8.4 range, which has previously acted as a good accumulation zone.
Most altcoins are trading at their lowest level in 2 weeks due to the negative Bitcoin & Ethereum price action. There has been a significant increase in the selling pressure since last week as the Bitcoin price broke below $20,000. You can buy Chainlink by signing up on a top crypto exchange like Binance.
Chainlink price has increased by 2.43% within the past 24 hrs. At the time of writing, the price is trading at $6.71. The price appears to be heading towards the range lows around $6. The $5.20-$6 region has acted as a strong demand zone on many occasions.
According to Chainlink news, 2 more dapp on Binance Smart Chain and Polygon have integrated the top oracle. These include Metamerce, an upcoming metaverse entertainment city and Microbuddies, an NFT strategy game.
Technical analysis of the LINK coin price chart shows a rejection from a key supply zone. The price also failed to tag the 200-day MA that currently lies at $10.18. The $8.40-$9.50 region has become a huge resistance since the price of Chainlink broke below it in May 2022. There have been multiple attempts to reclaim this region, but the price failed each time. Consequently, the price has dropped into the $6-$8.40 accumulation zone once again.
A breakout from this range’s direction would be critical for our Chainlink price prediction. A daily closure below $6 could send the price to new lows. The only way to gain a bullish outlook is by reclaiming the $9.50 and flipping it into a support zone.
Considering the bearish sentiments in the market, a breakout above $9.50 seems to be unlikely anytime soon. Only a positive Bitcoin price action could trigger such a move. If you’re planning to trade these breakouts, then don’t forget to put tight stop losses to avoid any fakeouts.
This post was last modified on Aug 31, 2022, 11:06 BST 11:06