- LINK price pulls back to its 200-day range as the price points to a breakout ahead of its scheduled December 2022 participation.
- LINK price remains strong as bulls rally $6 despite uncertainty in the market, traders and investors remain cautious.
- LINK price bounces from a low of $5.5 on the daily time frame as the price recovers to $6.5 as the price trades below the 50 EMA
Chainlink (LINK) price has struggled recently after a successful breakout of its accumulation zone. Still, the price was rejected after 190 days of range-bound movement, as the price has continued in this price action for an additional 10 days as Chainlink (LINK) participation gets closer and closer. Despite Chainlink’s (LINK) relief bounce, the price remains below the key region of interest, which would attract plenty of buyers. The ripple effect of the FTX saga and other big investors has brought the market to a halt as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance)
Chainlink (LINK) Price Analysis on the Weekly Chart
Despite the uncertainty and turmoil that has affected the Chainlink (LINK) price and the broader crypto market, many altcoins are struggling to survive, trying to stay afloat as altcoin prices continue to decline.
Chainlink (LINK) has suffered further price losses as the price fell from a high of $45 to a weekly low of 5.5, leading to speculation of a further drop to $3.
LINK price declined from a weekly region of $9.2 to a region of $5.5 on the FTX fiasco as the price found minor support to keep the sell-off in price to a new weekly low. LINK price has responded well, containing the sell-off and rebounding from $5.5, rising to a high of $6.8.
Weekly resistance for LINK price – $8.
Weekly support for the price of LINK – $5.5.
LINK price analysis on the daily chart (1D)
LINK price remains considerably strong on the daily time frame, as the price is trading above $6.5 after LINK saw its price decline from $9.2 to $5.5 recently.
LINK price needs to break and sustain above $8 for the price to have a chance to rally to a $10 region and possibly $12 before its anticipated December involvement as many traders and investors think that the price from LINK should be worth it. plus.
Daily resistance for the LINK price – $7.5.
Daily support for the LINK price: $6.5.
Featured Image From zipmex, Charts From Tradingview