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Chainlink(LINK) Price is Attempting a Huge Move, Will it Succeed in Regaining Levels Above $20?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jan 31, 2022

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Chainlink price was trading within a range-bound level for quite a long period and later sliced through the consolidation to hit the immediate resistance levels around $17. The asset comfortably hovered within these areas for a couple of hours. Further, the selling volume began to accumulate and currently the bears appear to have capitulated the LINK price.

Following a downtrend, the LINK price may yet again enter the same parallel channel, indicating a fakeout. And in such a case, if the Chainkink price slides down within the channel and records a bearish monthly close, then it would be pretty difficult for the DeFi token to regain the lost momentum. And in such cases, it may continue to hover within range-bound levels, consolidating within narrow ranges. 

Also Read: Solana(SOL) Price Below $100 While Terra(LUNA) Price Below $50, What’s Awaited Next?

  • Chanilink price may yet again plunge down into the channel and hit the middle bands to seek for a strong support
  • Once the asset hits the middle band, a huge possibilitiesof a rebound surface the waters that may uplift the price close to $20
  • However, despite a rebound, yet the price may not spike instantly as the volume like always may hinder the rally
  • Therefore, only after sustaining above $20 could certify a substantial uptrend that could boosts the price to range high to hit levels close to ATH

Also Read: XRP Price Slowing Down Its Pace at Crucial Levels, May Plunge Hard Lower than $0.6 Soon!

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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