In line with the market trend, Chainlink (LINK) has been suffering from bearish divergence. The recent price movements show the cryptocurrency to be consolidating with decreased volatility. At the time of writing, Chainlink (LINK) stands at a price level of $18.90. The price has had a minor downside correction in the daily timeframe while the trading volume appears to be increasing.
Chainlink (LINK) Technical Analysis
The technical indicators suggest strong bearish momentum. Out of the total twenty-six technical indicators, fifteen are giving out a signal of sell while nine are neutral with two indications of buy. The oscillators are neutral while the moving averages are strongly bearish.
Chainlink (LINK) had been previously identified to be operating below a descending trendline; however, the market observed bullish momentum which resulted in the cryptocurrency breaking the resistance line. Chainlink has now begun the formation of a coherent wave count. If the analysis plays out, Chainlink will be moving upwards – although with market corrections. LINK coin is expected to test the support level at $17.50 after which it will embark on an uptrend. The price target LINK crypto may be aiming for is $25 followed by $31.
Chainlink (LINK) price prediction
The decentralized oracle network had been under the spotlight in the bull run of 2021 with its offering being considered as crucial to the blockchain infrastructure. The long-term price predictions of LINK coin are favorable. Wallet Investor’s one-year price projection places the cryptocurrency at a price of $47 while the five-year prediction shows LINK crypto at $161. Digital Coin Price also predicts an uptrend to be observed in the price action of Chainlink. According to their estimates, Chainlink will be operating at a price of $27 by the end of 2021 while the cryptocurrency is expected at $81 by the year 2028.