The cryptocurrency market has entered into a consolidated phase, as top cryptocurrencies continue to display a neutral price action since the week started. Moreover, the altcoin leader, ETH price, continues to hover close to its important support of $2,800, highlighting a cool-off in the price action.
On the other hand, the Chainlink price has recorded a strong bearish reversal in its price action after trading under a bullish sentiment for the past two weeks. With the rising volatility, will the LINK price hit $20 over the weekend?
LINK Price Records A Strong Bearish Price Action!
Amid increased bullish sentiment in the crypto market during the second week, the Chainlink token formed a rising channel pattern in the 4H time frame. However, the altcoin has recorded a bearish trend reversal, resulting in it experiencing a breakdown in the chart.
At the time of writing, the price of the Chainlink (LINK) token was $17.910. With a circulating supply of 587,099,970 LINK and a market cap of $10.47 Billion, the LINK price has secured the 13th spot in the global crypto market list by market capitalization.
The Simple Moving Average (SMA) displays a bearish curve in the 4H time frame. Further, it hints at a high possibility of a bearish crossover in the coming time, indicating a negative outlook for the altcoin in the crypto market.
Moreover, the MACD shows a constant rise in the red histogram, indicating an increase in the selling-over-buying pressure in the crypto space. On the other hand, the averages display a significant decline in the chart, suggesting the price will continue losing value over the coming weekend.
Will Chainlink Price Go Up?
If the market regains momentum, the Chainlink token will retest its resistance level of $18.250. Moreover, if the bulls hold the price at that level, it will set the stage for the LINK coin price to prepare to test its upper resistance level of $19.220 in the coming time.
Conversely, if the bears continue to dominate the market, the LINK token will test its support level of $17.200. In case, bulls fail to hold the price at that level, it will plunge and prepare to test its crucial support level of $15.925 during the upcoming weeks.
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