Chainlink is in Short Term Bubble Risk! Here’s Where it May Reach if it Fails to Reclaim $15

The post Chainlink is in Short Term Bubble Risk! Here’s Where it May Reach if it Fails to Reclaim $15 appeared first on Coinpedia Fintech News

Slowly and steadily, the bears are regaining their power, which has waned in the past few weeks. By slashing the Bitcoin price below $40,000, they have validated their presence, which may not be a good signal for a healthy price rally. With this, the Chainlink price also broke down from a bullish channel, suggesting a fine trend reversal may make its way out soon.

If a fresh descending trend triggers, will the LINK price drop below $10?

It’s worth noting that the Chainlink price has undergone a prolonged consolidation for an extended period below $10. The bulls, however, managed to elevate the price by over 130% in November 2023, and since then the trend has consolidated within the gained levels. The bears have been constantly trying to drag the price below the lower support, but the bulls have reciprocated strongly.

However, this time it could be a little different, as the bulls appear to be weak at the moment.

The broder market sentiments and the trade setup may appear bearish, but the LINK price continues to display remarkable strength. With a minor pullback or the negative sentiments hovering within the markets, the traders could have become bearish on the token, but the LINK price carries a huge possibility of initiating a strong rebound soon. Regardless of the intensified bearish activity or a major drop in volume, it does not appear to be easy for them to drag the price into a single-digit range.

To do so, the bears are required to test and clear three major support levels: $13.73, $12.55, and finally $10.72. With excessive upward pressure, this may become a tedious job as the selling volume could get exhausted in reaching the first line of defence. Therefore, despite the fact that momentum is not in favour of the bulls, the bears are not expected to get activated, as the bulls may get into action any time from now. Therefore, Chainlink (LINK) may trade under the bullish influence for a long time but needs to hold above $15 to keep up the trader’s confidence.