In this article, we will be exploring the price action of LINK, the native token of Chainlink, and its potential price decline.
Amid ongoing volatility, LINK, the native token of Chainlink, is poised for a notable price decline in the coming days. Based on the current price action, one crypto expert shared a post on X (formerly Twitter) today, April 10, suggesting that LINK could be heading toward the $7.50 level.
Expert Views on LINK Upcoming Level
The expert highlighted that LINK appears to be retesting its recent breakdown of an ascending trendline that connects the lows from June 2023.
This prediction will only be valid if the LINK price remains below the trendline; otherwise, it will be invalidated.
LINK Current Price Momentum
At press time, LINK is trading around $11.95, showing a drop of over 6% in the past 24 hours. During the same period, its trading volume decreased by 40%, indicating lower participation from traders and investors.
This drop in trading volume was potentially caused by the significant price fluctuations experienced by LINK holders and traders over the past 24 hours.
Chainlink (LINK) Price Action and Key Levels
According to CoinPedia’s technical and price analysis, LINK has been moving in a downtrend within a falling wedge pattern. The price has already faced resistance at the upper boundary of the pattern and is now heading toward the lower boundary. However, due to the prevailing bearish market sentiment, downside momentum is likely in the coming days.
According to recent price momentum and historical patterns, if the LINK price remains below the $13.25 level, there is a strong possibility it could drop by 20% to reach the $9.50 level. Meanwhile, if market sentiment remains unchanged and the price closes a daily candle below the $9.50 level, the next support LINK could test is at the $7.50 level.
On the other hand, if the LINK price breaks out of the falling wedge pattern and closes a daily candle above the $13.25 level, a massive 35% upside rally is also possible in the coming days.
News data source: kdj.com
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