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Chainlink Price On The Way Down: An Opportunity To Get In Cheap?

  • The Chainlink Price is Back To Where It Started In September At The $0.25 level
  • LINK has continued a downward spiral which started with the big flash crash on September 7
  • Crypto market continues with instability as most major coins continue losing ground.

The Chainlink price has seen a considerable descent over the past 24 hours dropping around 10% from the $27.40 level to $25.50. It appears that bears have taken control of the market once again with LINK now down a considerable 25% from its September 6 high of $35.90.

The instability in the crypto market has continued affecting several coins with most majors experiencing considerable drops over the past 24 hours. The Chainlink price has been one of the worst performing cryptocurrencies since the September 7 flash crash and is now actually at below that level and back to September 1 prices.

Although Chainlink continues to be quite a successful cryptocurrency with several projects and partnerships announced over the last months, it has not been immune to the crypto bear market. One can expect a period of further retracement until the dust settles.

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The Chainlink price is currently experiencing a considerable retracement although it is still around 80% up from the July 20 low of $14.90. However, LINK had been on a considerable upward trajectory since mid-August and had reached an impressive $35 on September 6.

If a bullish thesis would somehow play out, one would expect the Chainlink price to reach the $30 level quite fast. However, such a rally would have to be on the back of a substantial change of trend overall which does not seem too likely at present.

If a bearish scenario were to continue, then one may expect the Chianlink price to continue ceding territory and perhaps dropping below the $24 mark. If a sell off begins, LINK would be expected to drop to around $22 where strong support is present and a possible rebound may also occur.

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The overall long term prediction for the Chainlink price remains a bullish one although the current retracement may mean that this may take a while longer to happen. Prices of $45 and even $60 are being bandied about as end of year predictions although the reality is probably somewhere in between.

The Chainlink price managed a substantial turnaround on 14 September when it gained around 10% to top the $31 mark some a quick bullish reversal could also herald the momentum for a larger rally. At present it would be wise to wait and accumulate at these price levels.

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Gerald Fenech

Gerald Fenech

Freelance journalist and writer with over ten years experience in forex and fintech writing. Specializes in crypto and blockchain