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Chainlink Price Prediction: LINK at inflection point, 11% upswing likely

  • Chainlink price is hovering above the $23.71 support level, hinting at a potential rally.
  • A bounce off the said demand barrier might push LINK up by 11% to 26.47.
  • If the $22.06 foothold is breached, it will invalidate the bullish thesis.

Chainlink price is hovering above a crucial support level and could witness a minor upswing before a firm directional bias establishes itself.

Chainlink price at make or break point

Chainlink price has been sliding off the support levels since hitting a local top of $30.59 on August 16. In total, LINK has dropped roughly 21% to where it currently stands, $24.15.

Considering the unstable nature of the big crypto, Chainlink price could continue heading lower or undergo a minor upswing before the actual trend is set up.

Since LINK is heading toward a crucial support level at $23.71 and has a chance at forming a triple bottom, investors can assume the buying pressure will spike, pushing the altcoin up by 11%. The bulls need to slice through the 50% Fibonacci retracement level at $25.18 and tag the $26.47 resistance level to achieve this lift.

If the big crypto and the altcoins turn bullish, market participants can expect this uptrend to continue to the next barrier at $30.72. This move constitutes a nearly 30% upswing from the $23.71 support barrier.

LINK/USDT 1-day chart

LINK/USDT 1-day chart

While this narrative of a rally seems likely, a failure to bounce off the $23.71 demand level will indicate an extension of the downswing. The foothold at $22.06 is the next barrier that will try to absorb the buying pressure and trigger an upswing.

However, if the buyers fail to make a comeback and Chainlink price produces a decisive daily candlestick close below $22.06, it will invalidate the bullish thesis by setting up a lower low.

If the selling pressure continues to build up, the $20.06 support floor might be tagged.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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