Chainlink Price Prediction: LINK at inflection point, 11% upswing likely

Chainlink price is hovering above the $23.71 support level, hinting at a potential rally.
A bounce off the said demand barrier might push LINK up by 11% to 26.47.
If the $22.06 foothold is breached, it will invalidate the bullish thesis.

Chainlink price is hovering above a crucial support level and could witness a minor upswing before a firm directional bias establishes itself.

Chainlink price at make or break point

Chainlink price has been sliding off the support levels since hitting a local top of $30.59 on August 16. In total, LINK has dropped roughly 21% to where it currently stands, $24.15.

Considering the unstable nature of the big crypto, Chainlink price could continue heading lower or undergo a minor upswing before the actual trend is set up.

Since LINK is heading toward a crucial support level at $23.71 and has a chance at forming a triple bottom, investors can assume the buying pressure will spike, pushing the altcoin up by 11%. The bulls need to slice through the 50% Fibonacci retracement level at $25.18 and tag the $26.47 resistance level to achieve this lift.

If the big crypto and the altcoins turn bullish, market participants can expect this uptrend to continue to the next barrier at $30.72. This move constitutes a nearly 30% upswing from the $23.71 support barrier.

LINK/USDT 1-day chart

While this narrative of a rally seems likely, a failure to bounce off the $23.71 demand level will indicate an extension of the downswing. The foothold at $22.06 is the next barrier that will try to absorb the buying pressure and trigger an upswing.

However, if the buyers fail to make a comeback and Chainlink price produces a decisive daily candlestick close below $22.06, it will invalidate the bullish thesis by setting up a lower low.

If the selling pressure continues to build up, the $20.06 support floor might be tagged.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram