The cryptocurrency market is currently in a phase of consolidation with top cryptocurrencies displaying neutral price action. The altcoin leader, ETH price, is hovering close to its crucial support of $2,800, indicating a cooling off in its price action. On the contrary, Chainlink price has undergone a significant bearish reversal after a period of bullish sentiment over the past weeks. The rising volatility raises questions about whether the LINK price will reach $20 over the upcoming weekend.

Analysis of LINK Price Movement

During the second week amidst increased bullish sentiment, the Chainlink token traced a rising channel pattern in the 4-hour time frame. However, the altcoin witnessed a bearish trend reversal leading to a breakdown in its chart.

At the time of this analysis, the price of Chainlink (LINK) token stood at $17.910 with a circulating supply of 587,099,970 LINK and a market cap of $10.47 billion. This positions the LINK price at the 13th spot in the global crypto market list by market capitalization.

The Simple Moving Average (SMA) in the 4-hour time frame shows a bearish curve, indicating a potential bearish crossover in the near future, signaling a negative outlook for the altcoin within the crypto market.

Furthermore, the MACD depicts a continuous rise in the red histogram, suggesting an escalation in the selling pressure over buying pressure in the crypto space. Concurrently, the averages portray a significant decline in the chart, signifying a further devaluation of the price over the approaching weekend.

Future Price Projections for Chainlink

In a scenario where the market gains momentum, Chainlink token is expected to challenge its resistance level at $18.250. If the bulls manage to sustain the price at this level, it paves the way for the LINK coin price to aim for its upper resistance level of $19.220 in the foreseeable future.

However, in a bearish market scenario, the LINK token will likely test its support level at $17.200. Failure on the part of the bulls to maintain the price at this level may lead to a decline, setting up a test of the critical support level at $15.925 in the upcoming weeks.