Bear Market Bites: Chainlink Loses 10%, Further Downturn To $6.80 Feared

Name	Symbol	Market	Market Cap ($)	Algorithm
ChainLink Token	LINKUSD	Crypto	8,137,205,602	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

ChainLink Token

LINKUSD

Crypto

8,137,205,602

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.090	0.66%	13.83	13.82	13.83

Price Change

Price Change %

Current Price

Bid Price

Offer

0.090

0.66%

13.83

13.82

13.83

High Price	Low Price	Open Price	Prev. Close	52 Week Range
14.00	13.77	13.78	13.74	5.74 - 22.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

14.00

13.77

13.78

13.74

5.74 - 22.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	03:24:16	3.01	13.83	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

03:24:16

3.01

13.83

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,134,000.31	81,711.77	LINK	LINKEUR	LINKGBP	LINKBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,134,000.31

81,711.77

Bear Market Bites: Chainlink Loses 10%, Further Downturn To $6.80 Feared

06/07/2024 2:15pm

NEWSBTC

The cryptocurrency market continues its summer swoon, with major coins like Bitcoin tumbling to four-month lows. Chainlink (LINK), a key player in the decentralized oracle network space, has been especially hard-hit, dropping 25% since the beginning of June. But is this a buying opportunity, or the precipice of a steeper decline? Related Reading: Polkadot Under Fire: 20% Price Drop Follows $87 Million Spending Outrage This Chart Pattern Looms Large Technical analysts are scrutinizing Chainlink’s chart, with a particular focus on the dreaded “Head and Shoulders” pattern. This formation, characterized by a central peak flanked by two smaller ones, often signals a trend reversal from bullish to bearish. Analyst Ali Martinez believes a breach of the neckline, the support level currently hovering around $12.70, could trigger a significant downturn. #Chainlink $LINK faces a potential 45% price correction if it falls below $12.70! pic.twitter.com/8NGwMzEIhR — Ali (@ali_charts) July 4, 2024 If LINK falls below $12.70, we could see a cascading sell-off, warns Martinez. This could push the price down to $6.80, a staggering 45% drop. Fibonacci retracement levels, a technical tool used to identify potential support and resistance zones, further bolster this bearish outlook. The 0.786 Fibonacci level aligns perfectly with Martinez’s target of $6.80, lending credence to his prediction. Bearish Sentiment Grips The Market Adding fuel to the fire is the overall bearish sentiment gripping the crypto market. The Fear and Greed Index, a measure of investor sentiment, currently sits at a chilling 26, firmly in “Fear” territory. This fear is reflected in LINK’s trading activity. The price is struggling to stay above the critical $12.70 mark, and any decisive break below could accelerate the sell-off. A Glimmer Of Hope: Oversold Territory And Price Prediction However, a glimmer of hope remains. The Relative Strength Index (RSI), another technical indicator, suggests LINK might be oversold. The RSI is currently at 28, dipping into “oversold” territory. This could signal a potential short-term bounce, as oversold assets often experience temporary price corrections. Interestingly, some analysts contradict the prevailing bearish sentiment. Price for LINK is seen increasing 52.73% by August 5th, pushing the price to a healthy $18.97. While technical analysis paints a bleak picture, this prediction offers a counterpoint, highlighting the inherent uncertainty within the crypto market. Related Reading: Buy The Dip? XRP Whales Doing Exactly That – Is A Price Rally Next? The Road Ahead For LINK Ultimately, the future of Chainlink remains shrouded in uncertainty. Technical indicators scream caution, while some analysts maintain a bullish outlook. The coming weeks will be crucial for Chainlink. Will it defy the bearish whispers and stage a comeback, or succumb to the gravitational pull of a deeper correction? Featured image from Coldkeepers, chart from TradingView

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LINKUSD ChainLink Token