Chainlink price has dropped by 10% over the past 24 hours, following a bearish market trend. The price fell below $15 after a market-wide sell-off, impacting other major cryptocurrencies like Bitcoin and Ethereum.
The introduction of U.S. Spot ETF might push the Chainlink price back to the point of $20. The entire crypto market has declined by 6.23% in the past day and 20.65% in the past month.
Grayscale Set to Launch First U.S. Spot Chainlink ETF
Grayscale is spending the time to introduce the first-ever U.S. spot Chainlink ETF. According to Nate Geraci of ETF Institute, the firm will transform its Chainlink Trust. Eric Balchunas of Bloomberg expects it to launch on December 2 and start a new era of crypto ETFs.
Five more spot crypto ETFs should be introduced over the following six days. Analysts believe that in the next six months, there will be more than 100 more crypto ETFs.
Bitwise will also be launching their own competing Chainlink ETF, which will further increase competition in the space.
The appearance of these crypto ETFs indicates the beginning of new opportunities in the market.
Is Chainlink Price Ready for a Major Surge After Recent Selloff?
The LINK price decreased to $12.12 after a bearish trend in the market. The Chainlink price has been struggling with selling pressure.
In case the bears still dominate, the price may fall even further to the $10 level. Nonetheless, in case of a bullish reversal, LINK may experience a serious rebound that may go as far as to reach $15 or even higher. This upsurge would be a possible jump of over 60% over the present levels.
Long-term Chainlink forecasts are optimistic, suggesting that upward momentum could lead to substantial price growth.
The MACD (Moving Average Convergence Divergence) depicts negative momentum. The MACD line lies below the signal line. This crossover is an indication that there is continuous selling and a negative mood in the market. Moreover, the histogram of the MACD is negative as well, another indicator of the existing downward trend.
Source: LINK/USD 4-hour chart: TradingviewMoreover, the RSI stands at 26, indicating that the LINK is getting closer to going into the oversold state, which is a precursor of a possible rebound.
In conclusion, Chainlink price is under bearish pressure yet might experience a rebound. The introduction of the U.S. Spot ETF can lead to expansion. In case LINK recovers, it might soar up to $20, which is a good indicator.
Source: https://coingape.com/markets/will-chainlink-price-soar-to-20-with-u-s-spot-etf-launch/
