After showing so much strength as the price rallied to $52, cracking up an all-time high, the price of Chainlink (LINK) saw a decline to its present value of $7 against tether (USDT). Despite the uncertainties about where the market would be headed, only a few have shown strength as Chainlink (LINK) remains in the spotlight. (Data from Binance)
Chainlink (LINK) Token Price Analysis On The Weekly Chart
LINK saw a decline in its price from its all-time high of $52 to around $6, with an over 70% drop from its all-time high despite having good fundamentals. The price of LINK has since struggled to have a relief bounce from its weekly low.
The price of LINK bounced off after touching a weekly low of $6, and the price rallied to $10 before suffering a setback in price as it faced rejection, and the price has continued to range in this region.
LINK’s price maintained a downtrend structure with a downtrend line acting as resistance for the price of LINK, but this resistance has been broken with what seems to be a glimpse of hope, possibly to the upside of the price.
The price of LINK continues to face resistance to break higher at around $8, a break and close for LINK price in the region of $8-$9 acting as resistance; we could see the price of LINK rally to a high of $10-$12.
If LINK fails to break above these resistances, we could see the price retesting the support at $6, acting as a demand zone for LINK prices.
Weekly resistance for the price of LINK – $8-$9.
Weekly support for the price of LINK – $6.
Price Analysis Of LINK On The Four-hourly (4H) Chart
On the four-hourly timeframe, the price of LINK continues to show great strength as the price breaks above the William Alligator indicator showing a possible trend reversal.
The price of LINK broke to the upside of the indicator with strong volume as the price has continued to hold above the indicator. The three moving averages of the Alligator Indicator support the price of LINK in the 4H timeframe.
The price of $7.5 that correspond to the indicator acts as a support for the price of LINK, preventing it from retesting lower support on the 4H chart. If the price of LINK fails to hold this support, we could see the price retesting the support at $7.
The Relative Strength Index (RSI) for LINK is above 50 on the daily chart, indicating moderate buy order volume.
Daily resistance for the LINK price – $9-$10.
Daily support for the LINK price – $7.5-$7.
With LINK getting partnerships and developers continuing to build, this will help the price of LINK hold strong in the current market condition.
Featured Image From NewsBTC, Charts From Tradingview