Thursday, May 23, 2024

Chainlink (LINK) Eyes Potential 25% Drop Amid Market Uncertainty.

For the past two months, the price of Chainlink (LINK) has stabilised within a range as the bullish momentum surrounding the price of Bitcoin (BTC) halted. The price of LINK fluctuated as a result of rising volatility brought on by declining trading volumes.

Chainlink pricing computes a breakdown of 25%

The price of Chainlink is expected to drop by 25%, offering a second chance to buy at $16.86. As long as the price of Bitcoin stays below $69,000, there is still room for upside. Altcoin prices might still fall with this degree of uncertainty, with Chainlink’s price aiming for a breakdown of the $16.86 support level.

The Awesome Oscillator (AO) indicator, which is in negative territory, complements the declining Relative Strength Index (RSI), which is going below the 50 mean line. These indicators of a developing pessimistic outlook might cause the price of Chainlink to decline by 25% to $13.08.

Should the previously indicated level fail to function as support, the price of LINK may drop for a sweep of the liquidity that is positioned below $13.08, following which there may be a possible advance north.

However, more purchase orders can be prompted if the LINK price recovers and rises above $18.32, indicating that $16.86 is still the support level. A full-swing rebound rally might be triggered by a flip of the channel’s midline into support at $20.70, with a run-up in Chainlink price to the $28.71 target objective likely to follow.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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