LINK, the native token on Chainlink, appears to have seen better days, at least as far as 2021 is concerned. At the time of publishing, the coin was trading at $18.21, according to data from Coinmarketcap.com. This is a 52% slide from its highs in early November. But could LINK slide below the $15 mark in the coming days? Here are some facts on the price action
Despite the slump over the last few weeks, Chainlink remains one of the most exciting blockchain projects in the world.
Hawkish FED sentiment has also seen severe bear pressure on LINK in recent days.
LINK is trading slightly below the 25-day and 50-day moving averages, suggesting a possible bearish trend
Data Source: Tradingview.com
LINK – price action and prediction
The crypto winter that has surged most of December has taken its toll on many coins, and LINK has not been spared. The coin has lost nearly half its value after hitting highs in November. The technical chart does not also offer any reprieve. All indicators are pointing towards a downtrend.
Analysts see LINK breaking below $15 in the coming days, a move that could set a bearish tone for the remainder of the year. Nonetheless, the unpredictability of LINK could still set up a “chain” of events that leads to a mini bull run. But the coin will need to break upside resistance of $19.2, something that looks unlikely considering the bearish pressure.
Should you buy LINK?
As noted above, Chainlink, the platform associated with the LINK token, is one of the most exciting blockchain projects right now. Although prices have slumped in recent weeks, the long-term underlying indicators are very positive. So, if you have been looking at the right time to buy into LINK at a discount, this is your chance.