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Cryptocurrency Chainlink‘s price received a warning today, indicating a potential 25% decrease. LINK is trading in the lower segment of the rising channel and is dangerously positioned above the $17.24 mark. However, current market conditions point to a potential 25% drop in LINK value, presenting both risks and opportunities for investors.
Altcoin Chainlink Experiences Narrow Range Movement
Over the past two months, Chainlink (LINK) has consolidated within a narrow range, reflecting the suppressed performance of the broader altcoin market amidst Bitcoin‘s slowing momentum. Decreasing trading volumes have contributed to increased volatility, causing fluctuations in LINK’s price.
Considering current market dynamics, Chainlink’s price is preparing for a significant drop. In this scenario, LINK’s price could potentially retreat by 25%, reaching $13.08. This could occur as Bitcoin attempts to surpass the $69,000 threshold, leaving the upward potential for altcoins shrouded in uncertainty. In such an uncertain environment, LINK could also fall below the critical support level of $16.86.
What Do Technical Indicators Suggest?
Technical indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) paint a downward trend for the cryptocurrency Chainlink. The RSI has fallen below the 50 average line, accompanied by the AO indicator in the negative zone. These indicators point to an increasing bearish trend that could push LINK’s price down to $13.08.
If LINK fails to hold the $16.86 support level, it could fall further and target liquidity levels below $13.08 before a potential reversal. Conversely, if the $16.86 level is confirmed as support, a recovery above $18.32 could trigger renewed buying interest. Moreover, a rise above the channel’s mid-line towards $20.70 could catalyze a significant recovery rally for Chainlink, pushing its price towards the $28.71 target.
In conclusion, the essential advice for cryptocurrency LINK investors is to pay close attention to the critical support level at $16.86. Additionally, closely monitoring the price of Bitcoin, the flagship of cryptocurrencies, can provide a strategic direction for investors looking to position in LINK.
