Chainlink prepares to host hackathon while LINK price spells trouble

Chainlink price suffered a massive drop in the recent crypto market bloodshed, losing 10% of its value within the past week. Chainlink has failed to make a comeback despite the recent partnerships, and analysts have a bearish outlook on LINK. 

Chainlink price could plummet to $10 on one condition

Chainlink price has struggled to recover from the recent price drop. The altcoin has announced a series of partnerships. However, this failed to fuel a bullish outlook among investors. 

A derivative-based DEX EMDX recently partnered with Chainlink for its tamper-proof nodes. A DeFi protocol Notional Finance integrated Chainlink’s price feeds in another recent collaboration. 

Despite the announcements and rising utility of Chainlink’s network, the partnerships have failed to influence the altcoin’s price positively. 

Chainlink has announced the launch of its event, “The Chainlink Spring 2022 Hackathon,” on April 22. Hackathons offer opportunities for developers to build on the Chainlink network, driving the altcoin’s adoption higher. 

Analysts have evaluated the Chainlink price chart and observed a takeover by bears as LINK remains favorably positioned between support at $13.33 and resistance at $15.04. Crypto analysts at Investors Observer believe Chainlink price has room to climb before hitting resistance; however, the trade volume of LINK has dropped consistently over the past week. 

@rektcapital, a pseudonymous crypto analyst, observed the Chainlink price trend and noted that LINK had held $14.25 as its support for the past four months. A higher low typically follows a downside wick below $14.25. If Chainlink price forms a higher low and remains above support, it could maintain its uptrend. 

However, a drop below $14.25 could potentially trigger a fall to $10, a 23% decline from Chainlink’s current price.