Chainlink Price Prediction – Prepare for a $5 LINK

Chainlink Price Prediction - Prepare for a $5 LINK

In Short

  • Chainlink price is headed south in a stair-step-like fashion.
  • The Volume Profile Indicator shows retail traders are the only ones involved in the market.
  • Invalidation of the bearish outlook could occur if the bulls breach $7.62.

Chainlink price may soon experience troublesome times. If market conditions persist, a $5 LINK will be within reach.

Chainlink price signals a death drop

Chainlink price is displaying signs of an ongoing downtrend. The recent surge north following the weekend dip may have been the last before a much greater sell-off occurred.

Chainlink price currently auctions at $7.06. The bulls have failed to reconquer the recently flipped support zone at $7.30. Accompanying the recent rejection is also a bearish divergence on the Relative Strength index. 

LINK USD 4-Hour Chart
LINK USD 4-Hour Chart

The bulls produced very little volume during the previous attempt to move higher. Traders who believe the recently established September lows at $6.32 are solid support should asses their risk properly. The Volume Profile Indicator’s lack of bullish activity can not only catalyze a sweep of the low,s but a capitulation event could arise if traders try to hold on in disbelief. 

A sweep of the September lows could be the catalyst of a decline toward the expanding trendline that has acted as support throughout October. Currently, the trendline is poised to provide support at $5.70. If the 5.70 level does not hold, a $5.00 LINK price will be imminent. 

Invalidation of the bearish thesis could occur if the bulls reconquer the $7.62 resistance level. In doing so, an additional 100% rally could ensue, targeting $15. 

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.