Chainlink Price Prediction as LINK Drop to $12.92 – Can it Recover?

Bearish momentum has persisted in the broader crypto market, with prices falling across top coins. BTC dipped to $64,000, while ETH dropped to $3,140, resulting in $300 million liquidation.

Moreover, LINK joins the bearish trend, falling to $12.8, sparking concern among market participants.But can LINK recover? Let's explore LINK's price movements to understand its next possible move.

Chainlink Price Movements

Chainlink's price started falling on July 21 when it traded at $15. By July 23, LINK's price steadied around $13.8.But this didn't last long; the decline continued the next day, with LINK's price hitting a low of $12.88.

LINK's trading volume dropped to $273 million. As of this morning, LINK's price is about $12.90, almost 7% less than yesterday's valuation.

Over the past seven days, LINK has lost nearly 6% of its value. Even so, Chainlink remains the 15th largest cryptocurrency, with a market cap of $7.84 billion. Technical indicators will offer insights into LINK's next price move.

Technical Indicators Point to Chainlink LINK's Bearish Trend

LINK has been trapped below a downward trendline since May 29. The 4-hour chart shows failed attempts to break above this line.

LINK's position below its 200-day (red SMA line) and 50-day (yellow SMA line) reinforces the bearish outlook.

These moving averages act as stiff resistance levels. Also, the MACD is below its signal line, displaying red histogram bars. This suggests a strong downward momentum.

The SuperTrend indicator flashes a sell signal, warning investors of potential further drops. The Relative Strength Index (RSI) stands at 28, suggesting an oversold condition as sellers dominate the market.

Can LINK Bounce Back Amid Bearish Pressure?

Despite these bearish signals, LINK still has the potential for recovery. Oversold conditions typically attract buy-the-dip hunters, potentially sparking a price rebound.

Hence, we might see a turnaround if buyers identify buy opportunities at current prices. LINK must break above key resistance levels at $14.50 for a proper recovery. Moreover, a move above the SMA lines could signal a shift in trend. The following section will explore some factors that could increase LINK's price.

LINK's Growing Partnerships: A Catalyst for LINK's Price?

The Chainlink ecosystem is rapidly forming new partnerships. Many firms are eager to work with Chainlink due to its powerful features.On July 24, AstarNetwork announced its integration with Chainlink CCIP.

This integration will enable secure cross-chain development on Polkadot.Also, on July 23, another crypto firm expanded its Chainlink integration to include more blockchain networks.

These partnerships could significantly impact LINK's price; more integrations mean increased demand for Chainlink's services.Companies using Chainlink's technology need LINK tokens to pay for these services, and this rising demand could drive up LINK's price.

Moreover, partnerships with established networks like Polkadot boost Chainlink's credibility. This could attract more investors to LINK, potentially increasing the value of LINK tokens.

New Contender in Crypto Space: WienerAI's Innovative Presale

While LINK shows promise, some investors might seek alternatives to diversify their portfolios. New projects in presale stages often offer high growth potential.

Among these, WienerAI (WAI) has gained significant traction. This newcomer aims to shake up the crypto world with its innovative approach.

WienerAI (WAI) offers a unique combination of meme coin fun and AI technology. But why is WienerAI gaining attention, and what makes it a potential alternative to tokens like LINK?

Why WienerAI Might Be Worth Considering?

WienerAI combines two popular trends: meme coins and artificial intelligence.At its core, WAI features an AI-powered trading bot, distinguishing it from regular meme coin projects.

The AI-powered trading bot aims to help investors make informed decisions by analyzing market data and providing insights in simple language.

It's like having a digital assistant for your crypto trading. Moreover, the project also offers an attractive staking system. Current estimates suggest WAI holders could earn up to 146% annual rewards through staking.

This rate is significantly higher than many other staking options in the crypto market. WienerAI's presale is in its final days, with tokens priced at $0.00073. According to the team, the presale will likely end in seven days.

Once the presale ends, WAI will launch on decentralized exchanges, starting with Uniswap.Already, the team has set aside 10% of the token supply for liquidity, which could help reduce price volatility at launch.

WeinerAI has caught the attention of crypto influencers. YouTuber ClayBro, with over 130,000 subscribers, has described WAI as the next big meme coin for significant gains.

WienerAI's appeal lies in its blend of entertainment and utility. The meme coin aspect adds fun, while the AI trading bot provides practical value. This combination could attract both casual investors and serious traders.

While established tokens like LINK have proven track records, new entrants like WAI offer fresh approaches and potential opportunities for early investors.

However, note that meme coins and new projects carry risks. While some presale coins have seen explosive growth after launch, success is never guaranteed.Buyers should always do their research and consider their risk management before investing.

The post Chainlink Price Prediction as LINK Drop to $12.92 - Can it Recover? appeared first on The Tech Report.