Chainlink At The Crossroads: Will The Price Go Up Or Fall To The Bottom?
Chainlink has shown relative stability over the past few weeks. At the end of April, Chainlink reached a local peak of $4.1. Further, the price turned back and strengthened at the level of 14-day support at $3.47. If this trend continues, Chainlink may drop to the next support level of $3.
Today there are 2 scenarios for Chainlink. If the price remains at the support level, this will be an excellent base for breaking the bulls and rebound to a new daily peak. But, if the channel’s support doesn’t work, there is a risk of Link falling to record lows.
Chainlink price correction
Over the past week, the Chainlink price has been between the local top and the first closest support level between $3.47 and $4. If bearish sentiment prevails, the price may fall below $3. With a pessimistic forecast, the Link price may drop to the extreme support level of $2.
Today Chainlink’s trading volume on exchanges leaves much to be desired, traders hold on to Chainlink’s purchase in anticipation of a correction in its price. A signal to increase trading activity may be a price break above the local peak of $4. If the bullish momentum is justified, the next resistance level is at $4.5 and $4.98.
LINK/BTC: bearish scenario
Now the bears are in full control of the LINK/BTC pair. Starting in March, Chainlink has been in the downward range between 50,000 SAT and 45,000 SAT. Now the market position of Chainlink is rather precarious: if Link cannot find support at the lower level of the 37566 SAT, it could fall sharply to the bottom.
But there are also hopes for the restoration of Chainlink positions. if bullish impulses play and the price establishes at the resistance level of 40,000 SAT, there is a chance of a rebound upward from this mark.
LINK/BTC: bullish scenario
If the Chainlink price rebounds from the resistance level of 45,000 SAT, we can witness a price breakout above 50,000 SAT. In an optimistic scenario, the Chainlink price may establish itself at the resistance level of 52,700 SAT, and then reach the mark of 55,000 SAT.
The key bottom support for Chainlink remains at 30,000 SAT. The concentration of prices around this level with the prospect of a breakthrough is a positive signal for traders.
Today, Chainlink sales are down. This may indicate that the bears are losing strength and influence. Now all hope remains for the uptrend, if the bullish momentum comes true, the Chainlink price will break up.