LINK Price Losing Momentum! Will Bulls Hold The Price Above Its Crucial Level?

The crypto market has displayed significant moves in its valuation in the past month, as many cryptocurrencies have recorded a gain of over 100% in value during this time. Further, the altcoins have started gaining massive traction, indicating a possibility of an altseason in the coming time.

Following the market pump in October, the LINK price attracted massive attention from the market as the Chainlink price has added over 100% in value Month-on-Month (MOM), with a total gain of 114.8%. Further, the LINK token recorded a new yearly high of $16.42, after which the price experienced a minor correction.

Will The LINK Price Rebound Soon?

Ali, a well-known technical crypto analyst with substantial followers of over 32K on the “X” platform, has posted the possible Chainlink price targets for the coming days.

The analyst predicts the price is bound to undergo correction in the coming time. The trading desk (TD) recently presented a sell signal on three different time frames: Daily, 3-day, and weekly charts.

All three indicators display a negative trend, as the LINK price has experienced a correction of approximately 6.5% from its high. 

Looking at the technical indicators, the averages display a decline in the chart, indicating a reduction in bullpower over the market. Further, the averages show a possibility of a bearish convergence, supporting the analyst’s prediction.

Further, he predicts the price of retesting the support level of $12.50 in the coming weeks. Moreover, if the market fails to hold the price at that level, the price is expected to continue falling and test its lower support level of $10.50 this year.