A recent analysis of the Chainlink price chart indicates that the altcoin is still in a downtrend and continues to struggle against the general bearish atmosphere in the crypto market. On the lower time frame, the altcoin has broken below the $12.5 mark hinting at a bearish flip. If this bearish pressure persists, our analysts expect Chainlink to retrace below the $10 level. On the other hand, if Chainlink bulls manage to push the altcoin price above the previous high around the $13.3 level, then the bearish thesis would be invalidated.
Meanwhile, on the higher timeframe, the bulls will need to break through a resistance wall around the $14 range and another wall around the $15-$16 region with a bearish order block. According to our analyst, breaking past these levels will result in an uptrend and validate a bullish shift for Chainlink.
However, if the bulls cannot garner enough momentum to push the Chainlink price above these levels, we expect Chainlink bears to step in and push its price below the $10 range. According to data from asset price tracking firm CoinGecko, Chainlink currently trades around the $12.3 level, indicating that the bears are in control and the altcoin is still at risk of dropping to its previous low below $10. Further, Chainlink now ranks 15th in the crypto market and has seen about a %5 dip in value in the past 24 hours.
