LINK consolidates below the $4 price level but despite the correction, the altcoin remained stable over the past 24-hours. The price will likely bounce back if the lower boundary of the channel continues to serve as a support. According to the latest Chainlink news today, we can see that the altcoin could still correct lower as long as the selling volume increases on the market.
Chainlink continued trading sideways after it reached an 8-week high of $4.1. Right now, LINK consolidates below this level and reached a new low of $3.47 before starting a slight recovery. The price of the altcoin is still trapped in a two-month ascending channel which suggests that the uptrend is valid on the charts. Chainlink is going straight for the channel’s support and it would resume the bullish rally once the price confirms this support. The channel breakdown could trigger a huge dump in price if the price doesn’t confirm the support level.
Chainlink has been trading between a right range of $2.47 and $4 for quite some time now and in case of a breakdown, the next major selling target will be the $3 support. Below this, the support zone for Chainlink is at $2.63. A clear break above the $4 price level will eventually start a fresh buying round for the asset so the next major resistance to watch is the $4.5 and $4.98. the trading volume is now located in a downward slide so an increase in volume will indicate a continued trend for the altcoin. We could expect a reverse trend once the volume decreases.
Against Bitcoin, Chainlink maintains a downward range since LINK dropped from the 52700 SAT resistance and is now bottomed at 41855 SAT after breaching the 50000 SAT level. In the meantime, Chainlink gained momentum in 2019 and followed a higher high and higher low pattern within the channel. LINK eventually broke out from the ascending channel but failed after the 56660 SAT back in March. Chainlink is looking for other support as the bears are driving the price down. If the market finds another support at the key level of 40000 SAT, a quick recovery can happen soon. However, it will be quite devastating if the price drops below the channel.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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