Chainlink Price Plumments: Is It Time to Buy the Dip Now?

Chainlink (LINK) price has recently witnessed a modest decline. Over the previous few days, despite a generally bullish trend, the price of LINK has been closely interacting with a key support level. 

As most cryptocurrencies face market corrections, Chainlink’s current positioning reflects wider market dynamics. This slight downturn is a part of the ongoing adjustments observed across the cryptocurrency sector.

The Cryptocurrencies are experiencing a horizontal market trend, with neither bulls nor bears dominating. Bitcoin’s value hovers below the $60,000 mark, showing a slight downward trend. Meanwhile, Ethereum’s price remains over $2,300, with downward pressures. This trend is consistent with declines seen in other major altcoins, including the price of LINK.

Chainlink Price Drops Amidst Market Volatility Concerns

The Chainlink price has decreased over the past 24 hours, indicating a bearish market sentiment. As of the time of writing, the LINK price hovered at $10.40, marking a slight decrease of 3.18% from the previous day’s closing price. 

The trading day started at around $10.73 and fluctuated within a tight range, hitting a low of $10.31 and a high of $10.79 before settling at the lower end of the spectrum by the close.  Over the past week, the altcoin has seen a notable price surge in price after a bullish market

Will LINK price Rebound Soon?

The Moving Average Convergence Divergence (MACD) is hovering around the zero line, with the signal line (orange) just above the MACD line (blue), suggesting a lack of strong momentum in either direction. This neutral positioning might indicate a period of indecision among traders.

Chainlink Price Chart| Source: TradingView

A substantial 56.41% of holders are currently “In the Money,” which means 564.11 million LINK is held by users who bought at prices between $4.15 and $6.76. On the other hand, 39.13% of the volume, representing 391.27 million LINK, is “Out of the Money,” indicating users who purchased LINK at prices between $11.04 and $26.35 are holding at a loss.

Meanwhile, 4.46% of the addresses are “At the Money,” implying that their acquisition price is close to the current market value. Overall, the LINK market shows a mixed outlook with significant portions of the volume distributed both in profit and loss categories.

Source: Santiment

Despite recent market downturns, the Chainlink price prediction is currently testing a crucial resistance point at $12. Surpassing this barrier might signal a positive trend shift for the cryptocurrency. 

If Chainlink manage to breach this threshold, it could next aim for a $15 resistance level. With sustained bullish momentum, forecasts suggest Chainlink’s value might escalate to as much as $20, supported by an overall market upswing.

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