- Ripple is being abandoned one by one by the exchanges while facing SEC pressure. Some people fear Chainlink is next. While this is nothing more than just an “if and but” situation, let’s take a look at what the Chainlink price in the coming days has to offer in this process.
Chainlink, which stands out in 2020, has an ecosystem reminiscent of XRP’s situation in 2017 and 2018. However, unlike XRP, the LINK price has grown from $ 12.5 to $ 20 in cryptocurrency trading, ranking 10th on CoinMarketCap’s charts.
Unlike most altcoins, LINK seemed to see a trend during fluctuations and dips, with its slopes acting as support and resistance levels. Since December, the price of the cryptocurrency seems to be in a phase of consolidation while slowing down. The consolidation looked like a descending triangle, with a fake exit that caused a massive 23 +% drop in a 6-hour candle recently. But since this drop, the price has likewise recovered in the descending triangle pattern. If this continues, we can expect LINK to consolidate more and move sideways.
What do the technical indicators tell?
The RSI indicator saw an increase, a finding that indicates healthy recovery. Although it has not increased yet, there has not been a decrease. As the stochastic RSI is in the overbought territory, we can expect the price to decline while managing to stay in the pattern.
What’s more, Fibonacci retracement levels also tell an important story. The 0.382-Fibonacci level at $ 12,158 could support the price by preventing the price from falling.
In the short-to-medium term scenario, we can expect LINK to stick to this model. However, there should theoretically be a drop towards the end of the model.
A sudden drop in LINK’s price in this model can also be seen. In light of the bullish performance of Bitcoin without its withdrawal, if BTC experiences a severe collapse, the risk of LINK and other altcoins to fall may be on the agenda.