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Chainlink price prediction: LINK could drop to sub-$20 levels

The cryptocurrency market continues its losing start to the week, with Bitcoin now trading just above the $43k level

The cryptocurrency market started the week poorly, and it has now extended to the second day of the week. Bitcoin is down by 4% in the past 24 hours and is likely to drop to the sub-$42,000 level over the coming hours.

Ether was also affected after the second-largest crypto by market cap lost 2% of its value in the past few hours. ETH is now struggling to defend its price above $3,000 and could drop to the $2,900 region if the current market conditions don't change.

XRP, Polkadot, Dogecoin, AVAX and Uniswap are also some of the leading cryptocurrencies that are recording losses at the moment. Chainlink is down by nearly 6% and is looking likely to lose its support level above $20 in the next few hours.

Chainlink price prediction

The LINK/USD 4-hour chart is currently looking bearish after the cryptocurrency market sustained a second consecutive day of losses. The RSI of 29 means that LINK is currently oversold, and it could experience further losses in the coming hours. The MACD line is also deep within the bearish territory, thanks to the latest market performance.

LINK is trading at $23 per coin, way below its 100 simple moving average at $28. If the current bearish sentiment continues, LINK could drop below the first major support level at $20.69. An extended bearish performance could see LINK also drop lower towards the $18 mark, a level that was last seen in August.

LINK/USD 4-hour chart. Source: TradingView

However, if the bulls regain control of the broader crypto market, LINK could challenge the first resistance point at $28 over the next few hours. An extended market rally could allow LINK to test its second major resistance level at $31. However, the resistance level at $35 should cap further upward movement in the short term.

At the moment, Chainlink’s price prediction over the next few hours is $20. 

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