Chainlink (LINK) is following the market-wide correction trend. The asset’s price has fallen by 5.1% in the daily charts and 18.2% over the previous week. LINK has also faced an 11.5% correction in the 14-day charts and a 7.4% correction over the last month. The popular crypto has dipped by 29.1% since April 2024.
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Cryptocurrencies Suffer Consequences Of Tariffs?
The cryptocurrency market seems to show no signs of a recovery. The market entered a brief rally in March-end but the upswing was short-lived. Bitcoin (BTC) has fallen to the $83,000 price point. LINK and other crypto assets are following BTC’s trajectory.
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The latest market correction came after President Trump announced reciprocal tariffs for multiple countries. Market participants have not taken the move lightly. Many may be anticipating a negative economic impact. LINK and other cryptocurrencies have borne the brunt of the matter.
Chainlink To Enter Another Bullish Leg
According to CoinCodex, LINK could be in the early stages of another bullish leg. The platform anticipates the asset to hit $22.48 on May 10. LINK’s price will rally by about 75.63% if it hits the $22.48 target.
Despite the bullish outlook, CoinCodex does not anticipate Chainlink’s (LINK) price to hold above $20. The platform expects a price correction to around $11.38 by late May.
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There is also a possibility that LINK may not rally as predicted by CoinCodex. Trade wars and macroeconomic conditions continue to present substantial challenges. The crypto market may find itself in a tight spot over the coming weeks. Things may change for the better if the Fed announces an interest rate cut. The central bank paused rate hikes last month but has yet to announce a rate cut for this year.
