Price Analysis: LINK Price Now Consolidates around $4.5 after facing rejection at $4.9

Chainlink (LINK) is considered as one of the top performer altcoins who have performed pretty well this year. LINK has performed well since the beginning of this year even in those situations when the whole altcoin market got crashed.

Recently, the coin recorded a two-week price surge of 15% and reached $4.9. It was doing great until it faced rejection at this level in the previous week. After facing the rejection, the coin is trying to make a consolidation around the $4.5 zone. Currently, the price value of LINK is trading at $4.45 USD with a change rate of 1.93% in 24 hours.

LINK is trying to maintain above the $4 level

After experiencing a dramatic rejection at $4.9, it has become very important for LINK to maintain itself above the $4 level. On 1st June, the price value of LINK surged high to $4.9 but after that, the coin could not restart buying pressure in the market.

At the current moment, the buying volume is very low despite the entire market structure has turned bullish. For the past seven consecutive days, the coin has been trying to make a stronger grip around the $4.5 price level because of the decreasing buying volume.

The $4 level has, therefore, become a very crucial level for LINK and it needs to hold above this level. Otherwise, a powerful bearish trend is expected.

LINK Price Prediction

Currently, the price value of LINK is up 1.93% and is trading in the greenish zone with the favor of bulls. But the bulls are not strong enough to hold the coin in the bullish zone and it may fall into the bearish area.

LINK needs to pass through the key resistance level of $4.9 to make its bullish behavior strong. If the coin manages to break this resistance then it may record a yearly high by hitting $5.5 or above. In case, the price moves downward, the coin may find support at these levels $4.25, $3.5, $3.

Danna James

Danna is a journalist and technical writer with six years of experience researching and creating crypto articles, reviews, and how-to guides for different online media outlets, and academic journals.

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