Chainlink (LINK) Price Prediction: Potential 30% Drop Expected
Chainlink (LINK) Price Prediction: Is a 30% Decline Next?
Chainlink's price is moving in a descending triangle which is a bearish signal that could send the altcoin falling by nearly 30%.
Investors are not particularly optimistic either, which could result in LINK failing any potential recovery.
- Chainlink Investors Could Sell
Chainlink's price is falling lower daily due to broader market conditions. Such bearish market conditions are sometimes flipped into bullish ones by the activity of the investors. However, this is not the case with LINK.
- Active addresses, i.e., addresses conducting transactions on the network, have hit a new low after declining for the past couple of days.
In the last 24 hours, less than 3,500 investors have participated in Chainlink, the lowest figure since October 2023.
Furthermore, daily price active addresses divergence which flashes a sell signal at the time of writing. During instances when the price stays strong and participation declines, selling becomes highly probable.
Additionally, this is the strongest sell signal noticed in the past year, which directly hints at the potential selling that is about to come.
LINK Price Prediction: Expect a Decline
Chainlink's current price is set to see a considerable drawdown owing to the descending triangle pattern it is stuck in. A descending triangle is a bearish chart pattern characterized by a horizontal support line and descending trendline, indicating potential further downside as selling pressure increases within a narrowing price range.
Based on this pattern, the downside target for Chainlink's price is $11.98, which would mark an almost 30% correction for the investors.
However, halving induces bullishness in the market, and LINK follows the cue, so it could break out of the pattern. This would rally towards $18.73 and beyond, invalidating the bearish cues.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.