BTC experienced a rapid recap of the past few months in August. The price is again below $60,000 as of writing. Rapid drops following heavy rises have long been classic in crypto. So, what is the current situation for altcoins? Chainlink (LINK) attempted a new upward move but couldn’t sustain it. What’s next?
Chainlink (LINK)
On August 26, the LINK Coin price jumped to $12.55, exciting investors about an upward breakout. Unlike the last bull season, the staking pool has increased LINK Coin’s utility, raising expectations this season. Meanwhile, ongoing partnerships in the RWA sector positively impacted long-term investor appetite. Access COINTURK FINANCE to get the latest financial and business news.
The price, which fell 17% in 30 days, formed a symmetrical triangle. This formation can act as a trigger for either an upward or downward movement, depending on the price development. If it breaks out of the triangle, we could see a strong rally. Conversely, a downward break could result in continued constrained movement for LINK Coin.
At the beginning of the week, the price, which maintained the $9.95 support level, had a good opportunity to break upwards. However, the resistance at $12.55 pulled the LINK Coin price down as the overall market sentiment quickly turned negative.
Looking at the Ichimoku Cloud, the price is above the cloud, and in the short term, $11 could be challenging for LINK Coin bulls.
LINK Coin Price Prediction
Looking at the daily chart, the spot price is close to the EMA20 level. The clear advantage for a breakout for LINK Coin is not visible on the daily chart. The Fibonacci retracement indicator also highlights the resistance at $12.33. Considering BTC’s weakness and the lack of LINK Coin buyers, we can say that the spot price might move downwards more easily.
Potential support is at $10.71, and if this is lost, a new attempt to drop to $9.95 could occur. On the other hand, a significant improvement in overall market sentiment or a major development specific to LINK Coin could target the $13.65 resistance. The best news the team could provide would be a significant expansion of the existing staking pool. This could convince long-term investors to accumulate more.
