The price Chainlink (LINK) has reversed its earlier growth trends

The price Chainlink (LINK) has reversed its earlier growth trends after the broader market nosedived in mid-day trading.

The price of Chainlink (LINK) has reversed its earlier growth trends after the broader market dove in mid-day trading. The current breakdown has triggered a new worry among investors for a coin that had the prospect of reclaiming its spot among the top 10 largest digital currencies.

Chainlink (LINK) is currently trading at $14.1, down 9.12% in the past 24 hours.

Earlier today, Chainlink was among the worst performing coins in the top 20. Most of the altcoins have recorded a percent decline in the range of 1 to 6.

However, LINK has suffered steeper losses, which may be a concern for investors.

Bitcoin Price and Bollinger Bands Insight

The Chainlink drawdown is steep and depends on the Bitcoin price selloff triggered by today’s US Core PCE figures.

The LINK price had dropped below the lower Bollinger Bands at $14.04. The deviation from the upper bands is a sign of intense volatility, which may or may not go well for the token.

Over the past 30 days, the LINK price has not dropped below $13, which is the next support level to watch.

LINK and Dependence on the General Market

The broader market is divided on what is next for Chainlink. The Oracle service provider remains one of various institutional clients’ most used blockchain protocols.

This means that the adoption of its services depends on the market or external factors.

Besides this, the price action of Bitcoin and other altcoins is also a major determinant of its potential rebound. At the time of writing, the price of BTC has dropped to a new weekly low of $83,872.69, down by 3.77% in 24 hours. With the bearish outlook, Peter Brandt said Bitcoin price crashing to $70,000 is not impossible.

With Chainlink’s dependence on Bitcoin, the altcoin may maintain its current outlook until the top coin prints a new rally.

Major LINK Price Catalyst to Watch

Per an earlier CoinGape report, Chainlink inked a deal with the Abu Dhabi Global Market (ADGM). This LINK partnership with ADGM will support the development of compliant frameworks for tokenized assets, expand blockchain adoption, and promote regulatory dialogue within the UAE and globally.

In an earlier LINK price analysis, projections were made that this partnership may push the token’s price to a high of $44. For now, the protocol’s price action signals caution overall.