The cryptocurrency market has entered into a consolidated phase, as top cryptocurrencies continue to display a neutral price action since the week started. Moreover, the altcoin leader, ETH price, continues to hover close to its important support of $2,800, highlighting a cool-off in the price action.
On the other hand, the Chainlink price has recorded a strong bearish reversal in its price action after trading under a bullish sentiment for the past two weeks. With the rising volatility, will the LINK price hit $20 over the weekend?
Amid increased bullish sentiment in the crypto market during the second week, the Chainlink token formed a rising channel pattern in the 4H time frame. However, the altcoin has recorded a bearish trend reversal, resulting in it experiencing a breakdown in the chart.
At the time of writing, the price of the Chainlink (LINK) token was $17.910. With a circulating supply of 587,099,970 LINK and a market cap of $10.47 Billion, the LINK price has secured the 13th spot in the global crypto market list by market capitalization.
The Simple Moving Average (SMA) displays a bearish curve in the 4H time frame. Further, it hints at a high possibility of a bearish crossover in the coming time, indicating a negative outlook for the altcoin in the crypto market.
Moreover, the MACD shows a constant rise in the red histogram, indicating an increase in the selling-over-buying pressure in the crypto space. On the other hand, the averages display a significant decline in the chart, suggesting the price will continue losing value over the coming weekend.
If the market regains momentum, the Chainlink token will retest its resistance level of $18.250. Moreover, if the bulls hold the price at that level, it will set the stage for the LINK coin price to prepare to test its upper resistance level of $19.220 in the coming time.
Conversely, if the bears continue to dominate the market, the LINK token will test its support level of $17.200. In case, bulls fail to hold the price at that level, it will plunge and prepare to test its crucial support level of $15.925 during the upcoming weeks.
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