In August, **BTC** swiftly recapped the past few months' events, with its price dropping below $60,000 again. So, what about **altcoins**? [Chainlink](https://en.coin-turk.com/chainlink-link-coin-price-struggles-amid-market-uncertainty/) (LINK) attempted an upward move but couldn't sustain it. What's next?
Chainlink (LINK) Prices
On August 26, the **LINK Coin price** jumped to $12.55, exciting investors about an upward breakout. Unlike the last bull season, the staking pool has increased LINK Coin's utility, raising expectations this season. Ongoing partnerships in the RWA sector positively impacted long-term investor appetite. The price, which fell 17% in 30 days, formed a symmetrical triangle. This formation can act as a trigger for either an upward or downward movement, depending on the price development. If it breaks out of the triangle, we could see a strong rally. Conversely, a downward break could result in continued constrained movement for LINK Coin.
LINK Coin Price Prediction
At the beginning of the week, the price, which maintained the $9.95 support level, had a good opportunity to break upwards. However, the resistance at $12.55 pulled the LINK Coin price down as the overall market sentiment quickly turned negative. Looking at the Ichimoku Cloud, the price is above the cloud, and in the short term, $11 could be challenging for LINK Coin bulls. On the daily chart, the spot price is close to the EMA20 level. The clear advantage for a breakout for **LINK Coin** is not visible. The Fibonacci retracement indicator also highlights the resistance at $12.33. Considering BTC's weakness and the lack of LINK Coin buyers, we can say that the spot price might move downwards more easily. Potential support is at $10.71, and if this is lost, a new attempt to drop to $9.95 could occur. On the other hand, a significant improvement in overall market sentiment or a major development specific to LINK Coin could target the $13.65 resistance.
Conclusion and Prospects
For now, the LINK Coin price remains volatile along with the entire cryptocurrency market. Despite recent upward attempts, current resistance and market sentiment suggest continued corrective movements. However, significant news or evolving partnerships could shift the dynamics towards growth.
Chainlink's price movements continue to attract investor attention. Current resistance and market volatility create uncertainty, but long-term prospects might improve with ecosystem development and new partnerships.
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