Chainlink: What to expect with LINK preparing for a breakout from a squeeze zone

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.

Timeline of Chainlink

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.

From a developmental point of view, this past week was a great week for the Chainlink Blockchain. On 7 June, the Network published a roadmap and initial implementation of staking within the Chainlink network which “is to give ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user

Chainlink price analysis for the day suggests that the cryptocurrency would move towards the $8 markChainLink price prediction is bearish as the price has failed to break out of the descending triangle pattern. The cryptocurrency is currently trading at $7.6, and it looks like it will reach the $8 mark soon.

In the last 48 hours, the price of Chainlink (LINK) has turned positive as the bulls have crossed the 21-day line and the 50-day line SMAs. However, buyers fail to keep the price above the 50-day line SMA.

Chainlink price analysis shows that LINK prices are currently in a bearish trend as prices have dropped by 18.8 percent in the last 24 hours. The current trading price for LINK is $6.72 and support is present at $6.0.

On June 10th, the Chainlink(LINK) price turned down from the overhead resistance trendline, indicating the traders continue to respect the falling wedge pattern. This bear cycle has plunged the altcoin by 20% as it currently trades at $6.65.