$42M worth of selling in 24 hours says this about Chainlink [LINK]

To some, Chainlink's network has one advantage that no other blockchain in the crypto-space has — Vitality. When compared to other blockchains, Chainlink will always remain relevant.

Timeline of Chainlink

The price of Chainlink (LINK) resumed its downward correction after the June 13 collapse. On June 13, the price of LINK declined and retested the previous low of $5.50. Since May 12, the bulls have consistently defended support at $5.50. Current selling pressure has also stalled above $5.50.

Chainlink price analysis reveals that the market is currently in a bullish trend with LINK value appreciating to $6.24. The cryptocurrency has seen an increase of over 8% in the last 24 hours as it turned bullish after a week-long consolidation.

Chainlink price analysis shows that the LINK/USD pair is facing a bearish market as it has slipped below the $6.00 mark. The key support level for the pair is present at $5.79, and if this level breaks, the pair may drop to $5.50.

Chainlink price analysis indicates Chainlink's current price action is indicative of a bearish trend that is slowly but surely building up. After breaking down from the ascending triangle pattern in mid-May, LINK has been consistently trading below the $ 8 mark after the massive crypto crash seen in early May.LINK's price has been bearish since.

The LINK/USDT pair resonating inside a falling wedge pattern is gradually narrowing its price spread. Furthermore, the altcoin recently rebounded from the $5.5 support aims to rechallenge the overhead resistance.

Chainlink price analysis for June 16, 2022, illustrates the market is following a complete bullish movement. The price of Chainlink has declined significantly over the past few hours; however, the trend has devaluation dynamics now.

LINK seemed like it was poised for a strong bullish breakout after low price volatility in the last two weeks of May. However, Its price action confirmed that its long-term descending resistance line was still active through a bearish reversal.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.LINK After sailing within the bounds of a side-channel for nearly three weeks, Chainlink's [LINK] breakout was quick to register an up-channel (yellow) breakdown. This fall pierced through some critical price levels and found fresher

Amid a wider cryptocurrency market turbulence with an impact of Bitcoin's ongoing freefall, a few altcoins are still holding strong. From hovering around the $31,000 zone just last week, Bitcoin fell to a low of $21,329.

Chainlink (LINK) has created a double bottom pattern close to its May 12 lows, but its inability to initiate a bounce has nearly invalidated the pattern. The post Chainlink (LINK) Creates Double Bottom After 89% Drop Since All-Time High appeared first on BeInCrypto.