Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
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Highlights
- Chainlink price has formed some common chart patterns pointing to more downside.
- It has formed an inverse cup-and-handle pattern and a death cross patterns.
- Whales have continued selling their tokens in the past few months as they expect it to keep falling.
Chainlink price has crashed in the past few months, moving from a high of $27 in August to the current $15.75. Technicals suggest that the LINK price may continue falling as whales continue dumping the token.
Frequently Asked Questions (FAQs)
1. What is the most likely Chainlink price forecast?
The most likely Chainlink price forecast is bearish as it has formed a death cross pattern and an inverse cup-and-handle pattern on the daily chart.
2. What are the other bearish LINK chart signals?
The other reason why the LINK price may crash is that it has formed head and shoulders pattern on the weekly chart. Also, whales have continued selling the token.
3. How low can the Chainlink token drop?
The most likely scenario is where the token ultimately drops to the support at $8 in the coming months.
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