- Chainlink announced the launch of “The Chainlink Spring 2022 Hackathon,” inviting developers to build on the network.
- Bears initiated a takeover of Chainlink, pushing the price below the 50-day and 200-day Moving Averages.
- Analysts predicted a 20% drop in Chainlink price if the altcoin fails to protect $14 as an area of support.
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.
$LINK / USDT - #LINK #Chainlink
— Rekt Capital (@rektcapital) April 12, 2022
Holding this green area as support for 4 months, often downside wicking below it into the blue Higher Low
Higher Low could help protect the green area as support
Lose it however & LINK could dip to as low as sub $10 (orange)#Crypto #Bitcoin pic.twitter.com/bNzjSC12J6
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Breaking: Bitcoin price drops below $19,000
Bitcoin price has breached a critical area of support over the past few hours, dipping below $19,000. Transaction history shows that a large number of addresses acquired BTC above $20,000.
Why short-sellers are moving to trade Ethereum price
Ethereum price faced rejection after failed attempts to move past a significantly important resistance barrier. This development has led to ETH reversing the trend and returning to a stable support level, which will now decide the fate of the smart contract token.
This is the reason why SafeMoon will reach new yearly lows
A brief technical and on-chain analysis on SafeMoon price. Here, FXStreet's analysts evaluate where SFM could be heading next.
How patient investors can capitalize on AVAX price move regardless of the direction
AVAX price seems ready for a quick bounce if it produces a higher low. However, the bears have been pushing Avalanche down since June 26, creating a power struggle.
Bitcoin: Everything you need to know about BTC 200-week MA
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.