Chainlink price analysis:LINK appreciates to $6.24 after a bullish turn

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.

Timeline of Chainlink

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.

Chainlink price analysis indicates that bulls are in control of the LINK/USD market as prices surged to $7.50. The upsurge resulted from an increase in buying pressure after a period of consolidation below $6.5.

On June 10th, the LINK price reverted from the wedge pattern's resistance trendline, triggering the next bear cycle within the pattern. The V-top reversal slumped the altcoin by 40%, hitting the last lower low support of $5.64.