Chainlink price was marginally down on Friday morning, as it lost 0.87% of its value to trade at $34.39. LINK has been on the ascending trajectory since September 22nd and has gained about 40% over the past month. However, the crypto has shown signs of weakening momentum over the past three day. This could be a signal that it is approaching a reversal.
Growth prospects and possible reversal
Link’s price gains over the past two months have been significantly influenced by a growth in the number of users. For instance, the number of holders of the token grew by 3% over the past month. Going forward, LINK will need to sustain the growth in user numbers to avoid dipping below the $30 level.
If it fails to do so, then we are likely to see its price reduce significantly due to profit taking by the current holders. However, LINK’s growth has been closely tied to the general crypto market growth. Therefore, investors may need to take cues from the market behavior, especially among the top ten assets.
Technical analysis for Chainlink price
The Chainlink price has been on an ascending trajectory over the past two weeks, driven by strong buying momentum. The RSI is currently at 62, signaling the possibility of further gains. If the bulls maintain the momentum, the LINK/USD pair could rise to 36.80. However, if the momentum weakens, the first support is likely to be established at $32.51. Beyond that point, the next support will be psychological, at $30.0.