LINK Could Find Next Support At This Level, Traders Reveal

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.

Timeline of Chainlink

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.

Chainlink was on a solid uptrend for the last two weeks before the broader market crash terminated the rally and brought the coin back down. The last 24 hours have been marked as the third time in this year alone that Chainlink's attempts at recovery have been crushed by the bears.

Chainlink price analysis for June 11, 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.