As the cryptocurrency market continues to recover, Chainlink (LINK) has lost about 12% of its value in the last 7 days.
According to technical analysis by Michael Fasogbon, the price has been testing a three-month support line since it was rejected at $ 17 (RSI 70) (November 24). However, there may still be hope for the Bulls if that support line provides a rebound.
While the daily MACD remains positive, a strong recovery could take the price back to resistance levels of $ 13, $ 15 and $ 17. On the other hand, a break down could pull the price to $ 9.67, $ 8.5 and $ 7.2. Chainlink is trading at $ 11.58 as of broadcast time.
Chainlink is trading near the 65,000 SAT level after a 2.5 per cent drop in the past 24 hours. 7 largest in terms of market capitalization. Chainlink, the cryptocurrency, is testing 60645 sat, a nearly 6-month low. As daily technical indicators (RSI and MACD) show, bears continue to push the price.
If these downward movements continue, the price may fall to the above-mentioned sell level of 60645. If the decline continues, the next psychological support is at 50000 SAT and 40000 SAT. On the other hand, 80000 SAT resistance can be revisited if the decreasing triangle formation offers support. The next resistance is at the SAT level of 100000.