Chainlink (LINK) price is in the midst of a recovery after a sharp decline in August. The oracle cryptocurrency is the backbone of most well-known DeFi protocols. However, the price has failed to show a growth similar to what Chainlink has achieved in its user base.
Link crypto is the native asset of Chainlink, which is a decentralized oracle network. The crypto asset gained a lot of traction as the DeFi ecosystem exploded in 2021. However, after its peak in 2021, the coin has been in a tailspin, currently 88.5% down from its all-time high.
On Thursday, most cryptocurrencies are extending their gains despite a more-than-expected increase in inflation during August. The CPI data released on Wednesday showed that the inflation increased by 3.7% during the last month against the forecast of 3.6%.
However, the equity markets and cryptocurrencies shrugged off the CPI data and continued to surge. Altcoins like MATIC and Solana led the altcoin gains. Chainlink price was also up 0.80% until press time, but its BTC pair slid 0.3%. Since its August drop, the digital asset seems to be trading within a very narrow price range.
LINK/BTC pair depicts the strength of the native asset of the biggest oracle against the most valuable digital asset on the planet, i.e., Bitcoin. It can be clearly seen that the LINK price has been in a tailspin in terms of BTC for the past three years. The pair peaked at 0.00169 in August 2020 amid DeFi hype.
Currently, LINK/BTC pair is trading 86% below its all-time high. This means that if you had bought LINK crypto with your Bitcoin in 2020, you would get 86% less Bitcoin by selling your holdings right now. The BTC pairs of most other altcoins also show a similar downtrend.
Advanced technical analysis of the LINK price chart (LINK/USD) reveals that the pair is stuck within a long-term trading range. The bottom of this range lies at $5.28. After sliding below the middle of the trading range in August, the price now targets the range lows.
Chainlink price prediction is looking very bearish at the moment. While the coin has shown some recovery on a short timeframe, the high timeframe outlook remains bearish. LINK is maintaining a bearish market structure as it is yet to make a higher high on the daily or weekly chart. However, due to Chainlink's broad use case in the whole DeFi ecosystem, the long-term LINK forecast of most analysts is quite bullish.
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