\nChainlink Price Prediction: The rising supply pressure around $12 suggests the LINK price is likely to experience a bearish pullback.\t\t\t\t<\/p>\n
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Chainlink Price Prediction: On October 21st, the Chainlink coin escaped a 16-month accumulation phase<\/a>, breaking through the resistance trendline of a channel pattern. This led to a rally that catapulted the coin from $8.1 to $12, registering a stunning 47% gain. However, amid prevailing market uncertainty\u2014largely fueled by the Bitcoin price sideways movement\u2014LINK price is grappling with a robust supply barrier at the $12 level. is the recovery phase over?<\/span><\/p>\n <\/p>\n Also Read: Chainlink Price Shoots 6% With Ascending Triangle Breakout, Next LINK Target At $15?<\/a><\/p>\n Caught in the current market uncertainty, the Chainlink price<\/a> recovery hit a major roadblock at the $12 resistance point. Despite multiple attempts by buyers to breach this level over the past week, each effort has been thwarted, leading to a series of rejection candles.\u00a0<\/span><\/p>\n This suggests that LINK price may undergo a short-term correction to gather steam for its next bullish run. Given the altcoin\u2019s impressive late-October performance, a minor pullback could offer a healthy reset for buyers.\u00a0<\/span><\/p>\n<\/blockquote>\n According to the Fibonacci retracement tool<\/a>, the potential support zones lie at $10.5 (23.6% FIB), $9.5 (38.2% FIB), and $8.8 (50% FIB), which could provide the necessary footing for a resurgence in bullish momentum. Based on the original channel pattern, this altcoin price is positioned to aim for a $12.6 target, representing a 15.22% uptick from its current price.<\/span><\/p>\n <\/p>\n A review of the past six months\u2019 price behavior reveals Chainlink coin is outpacing Bitcoin in performance. While Bitcoin largely meandered sideways for much of the year before recently gaining some momentum, the LINK price recovery trend has grown increasingly assertive, making it an attractive option for momentum traders.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\nOverhead Selling Hints Upcoming Pullback<\/strong><\/h2>\n
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![\"TradingView](\"https:\/\/s3.tradingview.com\/snapshots\/d\/d7ufknbV.png\")
Source- <\/span>Tradingview<\/span><\/p>\n\n
LINK vs BTC Performance<\/strong><\/h2>\n
![\"Chainlink](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/image_2023-11-01_21-05-37.png\")
Source: Coingape| Chainlink Vs Bitcoin Price<\/span><\/p>\n\n
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