After a notable consolidation, the crypto space is witnessing a slight recovery from the previous losses. Moreover, the Bitcoin price despite a slight upswing still remains within the same braces around $46,000. And hence the recovery appears to be pretty slow & weak and may undergo another small-time correction soon.
Chainlink(LINK) Price Poised for a 25% Downswing!
Chainlink price surged more than 35% since the beginning of 2022 and went parabolic to mark the daily highs above $26. Despite a slight pullback, yet the asset appears to be in a good position to continue with the uptrend. However, the fear of a substantial drop may not be completely eliminated.
The LINK price after reaching the daily highs is currently undergoing a notable downtrend. No doubt the retracement is minor and but very soon the price may also decline towards the 1 FIB levels just below $20. Currently, from the past 7 to 8 hours a tough competition between the buyers and sellers, and hence in the upcoming hours, sellers may have a little upper hand. And in such a case, the retracement may bring down the LINK price by nearly 20%.
Polygon(MATIC) Price Let’s Out Bearish Signals
Matic price since its recovery phase from the previous break-down maintained a silent trend and began to rise from as low as $0.6. However, its recovery went unnoticed for a long time until it spike magnificently in the last couple of days of November. As it came close to $1.8, bears quickly utilized the opportunity to squeeze the rally, and hence the price fell below $1.5.
However, the MATIC price yet again jumped into action and initiated with a notable jump, and with very less corrections the price surpassed the $2.5 target in recent times. Since the past week, the asset has reversed the trend and tested the lower support levels of the huge rising wedge. No doubt, the asset is attempting to flip from the lower support levels, yet the downtrend cannot be fully invalidated.
Yet the lower support levels at $2.185 are required to be pretty strong to withstand the price if in case the asset falls apart. These short-term trend reversals may hinder the bull rally or the uptrend but may not completely nullify it. And hence despite Chainlink(LINK) price and MATIC price could plunge currently but in the long term, a healthy uptrend is pre-programmed.
Source: https://coinpedia.org/price-analysis/chainlinklink-polygon-matic-price-showcase-a-bearish-pattern/