- Chainlink price prediction showcases that LINK cryptocurrency has broken down from the long term consolidation phase following a bearish rally.
- Declining streak of Chainlink (LINK) cryptocurrency started its bearish rally on Tuesday and the token is still falling over the daily price chart.
- The pair of LINK/BTC is at 0.0003319 BTC and has dropped by 2.48%.
Since May 2022, the token has been consolidating inside the long-term consolidation phase, based on Chainlink price prediction. The long-term consolidation period of the daily price chart requires the LINK cryptocurrency to ascend to the top. The LINK cryptocurrency needs to acquire buyers in the interim in order to climb upward for its breakthrough from the consolidation phase. However, volume is seen to be below average and needs to rise for LINK to indicate its breakout.
With an estimated price of $5.49 right now, Chainlink’s market value has dropped by 2.76% during the last 24 hours. Trading volume increased by 19% during the intraday trading session. This implies that buyers are aiming to enhance LINK cryptocurrency. For LINK to achieve its breakthrough a second time, the market cap to volume ratio must be 0.07627.
The chainlink price forecast shows that the token is in a phase of consolidation on the daily price chart. Volume change, now below average, must rise as LINK rises into the upper price range of the long-term consolidation phase. Cryptocurrency LINK’s price has been holding steady between $5.72 and $9.55. LINK crypto has dropped below the consolidation phase and needs to register its return inside the price range over the daily chart.
What do Technical Indicators suggest about Chainlink Price?
Buyers must gather for the chainlink price to formally leave the consolidation phase on the daily price chart. Technical indicators suggest a sideways movement for the LINK cryptocurrency.
The Relative Strength Index shows the period of consolidation for the LINK cryptocurrency. The RSI remains below neutrality at 38. The MACD chart shows the LINK cryptocurrency’s sideways motion. The MACD line is aiming to maintain stability at this level in order to go into the higher price range of the consolidation phase.
Summary
Since May 2022, the token has been consolidating inside the long-term consolidation phase, based on Chainlink’s price prediction. The long-term consolidation period of the daily price chart requires the LINK cryptocurrency to ascend to the top. LINK crypto has dropped below the consolidation phase and needs to register its return inside the price range over the daily chart. Technical indicators suggest a sideways movement for the LINK cryptocurrency.
Technical Levels
Support Levels: $5.35 and $4.75
Resistance Levels: $6.00 and $7.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
