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Chainlink (LINK) Price Analysis—Can $10 Mark Be Peak Before More Profound Decline?

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

By mid-week, the cryptocurrency market is not as bullish as it was at the beginning. While Cardano (ADA) and Chainlink (LINK) have continued their growth, Binance Coin (BNB) and Litecoin (LTC) are in the red zone.

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

Meanwhile, the market share of Bitcoin (BTC) keeps declining slightly against the increasing dominance of altcoins. The current market share of the leading crypto is 62.4%.

BTC’s market share
BTC’s market share

The current Chainlink data are stacking up this way:

  • Name: Chainlink

  • Ticker: LINK

  • Market Cap: $2,798,396,057

  • Price: $8.00

  • Volume (24h): $1,117,010,597

  • Change (24h): 9.98%

The data are current at press time.

LINK/USD: Will the decline be as sharp as the growth?

Chainlink (LINK) is the top gainer of the top 10 coins. The altcoin has risen by almost 10% since yesterday, while the price change over the past week has been 29.40%.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On the hourly chart, Chainlink (LINK) has begun a correction wave after it peaked at $8.33. At the moment, the altcoin is trading within the falling channel against a decreasing trading volume. If the situation remains the same, the drop might continue until LINK reaches $7.76. It may happen even by the end of the day.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On the 4H chart, the bearish scenario is also relevant. A lack of liquidity and trading volume might push Chainlink (LINK) to the support of $7.58 within the next few days.

👉 MUST READ Chainlink (LINK) Price Analysis—Can Pump Continue Until Coin Reaches $8?related article image

Thus, this mark also serves the bottom level of the rising channel. If bears manage to break, the growth forecast will be canceled out.

LINK/USD chart by TradingView
LINK/USD chart by TradingView

On the daily time frame, the picture is completely different. Bullish sentiments are strong enough to continue the growth. Thus, the lines of the MACD indicator are moving upward. If the trading volume remains at the same level or increases, there is a high chance that LINK will retest the local peak at $8.53 soon.

Chainlink is trading at $8 at press time.

 
Cover image via www.tradingview.com

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com