Chainlink Price Prediction: LINK approaching demand Zone of $5

• 1 Chainlink price prediction suggests LINK crypto might see turnaround from the demand zone of $5.00
• 2 LINK crypto slipped below 50 and 200 day EMA indicating weakness
• 3 LINK/BTC is trading at $0.0003044 with an intraday loss of 1.30%

Chainlink price prediction suggests LINK crypto may reach $10.00 only if it sees positive turnaround from the lower range. According to the data in Santiment website, recently, LINK crypto witnessed massive whale transactions amounting to approximately $79.7 million. However, Chainlink price did not react sharply to these transactions which shows that whales are silently accumulating LINK cryptocurrency from the lower levels.

Chainlink price is trading at $6.195 with an intraday loss of 0.32% and 24 hour volume to market cap ratio of 0.1166. In the beginning of January, Chainlink price took support near the yearly lows at $5.387 and showed signs of bullish trend reversal. Later, LINK crypto bulls managed to push the price above the 50 day EMA which triggered positive sentiments and prices started rising upward by forming higher high candles.

LINK crypto price had attempted to break out of the 200 day EMA but failed to generate follow up momentum and faced strong rejection from the supply zone. Therefore, $8.400 will act as a strong hurdle level for the bullish traders. Until Chainlink price breaks out of the $8.400 hurdle and holds a higher level, it is expected to remain in this range.

Will Chainlink Price Rise Again?

LINK/USDT daily chart by TradingView

Chainlink price prediction remains highly bullish over a long term analysis. However, the price will pick up the momentum only if LINK is able to hold the price above the $8.400 level. Over the past two days, the general crypto market sentiment has turned negative due to the uncertainties regarding crypto focused Silvergate bank which also affected the LINK price. Presently, Chainlink price again slipped below the 50 day EMA indicating that the bears are strengthening their grip and might produce another drop toward yearly lows.

Chainlink Price May See Turnaround?

Chainlink Price is approaching the important support level of $5.387 and if overall market sentiment improves then we might see a turn around. However, if the situation gets worse and LINK crypto breaks below $5.387, then it may create trouble for long-term investors. For LINK crypto, the technical indicators suggest mild bearishness. The MACD had generated a negative crossover indicating bearishness to continue for some more time. The RSI at 34 near the oversold zone indicating that a short-term relief rally is also possible.

Conclusion

Chainlink price prediction suggests upside movement is probable but the price will pick up the momentum only if LINK crypto is able to break out of $8.400 level. The technical analysis of the Chainlink cryptocurrency shows the price is approaching the $5.387 support level and if the market sentiment improves then a turnaround from the lower range could be witnessed.

Technical levels

Resistance levels : $8.393 and $9.475

Support levels : $5.383 and $5.000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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