Chainlink price dips as an outcome of a constant downtrend and bearish daily close from more than a week
A considerable rebound from these levels could initiate a jump towards the immediate resistance levels at $22
Chainlink price has shown the expanding bearish strength as the price fails to restore the bullish momentum. With a constant plunge, the LINK price could also register a bearish weekly close. And hence break the strong support to head towards the next support levels close to $10. If in case the bulls take control, a decent bounce may uplift the price in the next couple of days.
The LINK price has currently formed a triple bottomed pattern and it bounced considerably after each visit. Moreover, the price is approaching the final stages of consolidation, but with a series of red candles. And hence a substantial surge is mandatory as another bearish daily close may break the lower levels of the symmetrical triangle.
As displayed in the chart, the price after visiting these support levels has rebounded significantly. But woefully, the upper resistance levels kept on lowering. But on the other hand, the selling pressure also has reduced considerably compared to the previous week. And hence a flip to a bullish trend may be fast approaching.
Currently, the price is sliding down below $16 and hence a flip from the further downtrend could rise towards $21. However, the upcoming resistance levels after $21 reside at $26 and later at $32. But considering the bearish trend, if the price fails to sustain within the triangle and plunges down, $10 could be the destination.
Also, the lessened trading activity with increased selling also fueled the downtrend. The rally clearly indicates that the bulls are yet to enter the ring which might be delayed due to some external factors. Moreover, some uptrend with the Bitcoin price could stabilize the market. Despite the LINK price appears to be independent, yet follows the market trend to some extent.