Chainlink price shows signs of weakness as the bears aim for $15

Chainlink price has breached the parallel trend channel.
LINK price has increased only 2% all week.
Invalidation for the bearish idea will be a close above $18.

Chainlink price has been stagnant all week. The bears will likely send the digital asset to $15 in the coming weeks.

Chainlink price signals weakness of the uptrend

I will need Chainlink price has been deemed weeks "Crypto Lagger" as the price is only up 2% since last week's settling price of 16.85. The current $17.25 Link price looks in jeopardy as the daily trend channel has been breached with bearish price action. Last month's trade setup mentioned that a 20% bull run would likely commence for the LINK price. After the 20% target was actualized, analysts deemed the digital asset a "No Trade Zone," expecting sideways price action since the volume did not continue pouring in. One week later, the bulls seem to be losing faith in any more upside potential for the Chainlink price.

I Chainlink price appears to be showing significant resistance on the Relative Strength Index. The 60 and 65 levels where the LINK price resides are commonly known as the "Shorter's Playground" amongst professional traders. Secondly, the volume profile indicator also hints at bearish strength as the selling volume has increased to the upside.

LINK/USD 1-Day Chart

Chainlink price is likely to fall back into the $15.00 price zone. An invalidation for the bearish idea can only occur if the bulls establish a close above $18 with an uptick in bullish volume. If this scenario occurs, bulls should have enough steam to target $20 and 25, which would result in up to a 44% increase from the current Chainlink price.

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