Chainlink Price Prediction – Crypto Predictions Update

Chainlink Price Prediction

Introduction

Chainlink price has been quietly plotting a bear flag pattern since the June 22 low, tempting investors to shop for LINK. Nevertheless, an opportunity below the flag’s lower line will trigger the pattern and introduce a renewal of the May-June correction.

Chainlink price so close, yet thus far from shining again


Chainlink price has presented investors with a corrective bounce following the 70% decline from the May 10 high of $52.99, putting the cryptocurrency above the descending May line . However, the rally has not been impulsive, and volume has been gradually decreasing because it advances. As a result, Chainlink price has formed a bear flag pattern.

Compounding the bearish LINK outlook is that the pattern is developing below the 50-week SMA. it’s the primary time below the moving average since March 2020 and should confirm a change within the larger uptrend of 2020 and 2021.

Additionally, Chainlink price triggered a bearish Death Cross pattern on June 30 when the 50-day SMA crossed below the 200-day SMA.

The measured move of the bear flag pattern is approximately 30%, projecting a final Chainlink price of $13.00. The decline would smash the support fortified by the May 23 and June 22 lows at $15.00 and potentially drive the daily Relative Strength Index (RSI) into an oversold condition, setting the inspiration for a more substantive rebound.

Chainlink Price Prediction

The trigger for the formation may be a decline below the flag’s lower line , currently at $18.20. Some support may materialize at May’s descending line , but the robustness of the formation should carry Chainlink price to the measured move target of $13.00.

Critical to the bear flag thesis is for the resistance vested within the 50-week SMA at $21.06 to carry on a closing basis. If the moving average fails, the bearish outlook would be invalidated, and set Chainlink price liberal to discover higher prices, including a test of the 50-day SMA at $23.45. A rally to the 200-day SMA at $27.20 remains a coffee probability event within the short term.
Bear flag patterns are deceptive because they run counter the downtrend suggesting that the cryptocurrency (in this case) has bottomed and is beginning a replacement, purposeful rally. However, as soon because it looks promising, the bears reappear, steal control and aggressively push the worth lower.

Conclusion

At this moment, Chainlink price is at an inflection point in its bear flag pattern. supported the present price structure, the possibilities are still tilted towards a bearish resolution, erasing the brief shining moment and returning LINK to the hard realities of a bottoming process that follows a rapid, 70% crash.

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By Michael Caine

Michael Caine is the Owner of this website and also the founder of ANO Digital (Most Powerful Online Content Creator Company), from the USA, studied MBA in 2012, love to play games, write content in different categories.

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