Our Chainlink price prediction is not looking quite bullish as the price keeps sliding downwards. It is already 77% down from May 2021 ATH of $53. Link crypto appears to be heading for another retest of the February 2022 lows of $11.4. A lower low could be a nightmare for the bulls as this could tank the price by another 40%.
Therefore, it’s high time that the Chainlink bulls step up with their firepower and save the biggest oracle. The $12.40 level might act as a line in the sand as it is a 0.786 Fib level. This level forms by connecting the March 2020 low of $1.36 to the May 2021 ATH of $53. Any daily close below this level could give bears enough momentum to aim further downside.
Chainlink crypto has been trading since 2017. Nevertheless, it only started to gain traction in 2019 when decentralised applications started to pop up on Ethereum. Soon Chainlink became the go-to oracle for most DeFi protocols experiencing exponential adoption in 2020. Currently, Link is the most valuable oracle coin, with a market cap of almost $6 billion. The long-term Chainlink price prediction is also quite bullish, but the short-term price action is not good.
As per the latest Chainlink news, Chainlink Hackathon is taking place from 22nd April to 27th May. The event will feature several top VCs and world-class workshops. In addition, prizes worth 450k would also be up for grabs. According to the official stats, LINK is currently securing more than $64 billion across different blockchains.
Technical analysis of the LINK coin price chart shows that it is trading inside a falling wedge. A falling wedge is a bullish pattern but only when the price breaks out in the upward direction. At the moment, Chainlink is trading at $12.77, and it is not showing any signs of a reversal. Therefore, it must not make a lower low than $11.40, or things could turn very ugly for the bulls.
The price must break out of the falling wedge for any bullish Chainlink price prediction. It must reclaim the $20 level and also close above 200 EMA. This needs to happen very soon as bears are aiming for price targets as low as $7.
This post was last modified on Apr 28, 2022, 15:18 BST 15:18