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- Chainlink price is about to meet its support level before a bullish rally.
- After two days of continuous selling, LINK crypto looks sideways today.
- The trading volume fell by 16% to $181.8 million in the last 24 hours.
Chainlink price is expected to hit a 60-day low soon. Buyers spotted a profitable bullish trend in late November, but failed to sustain the gains in the higher zone. For the past two weeks, sellers are continuing to sell huge amounts of LINK crypto, eliminating the potential opportunity for buyers.
In addition to the downtrend, Chainlink price has been fluctuating in a wide range of $5.7 to $9.5 as resistance for the past several months. Speculators are therefore confused about the directional trend, so it looks like any strong bear recovery could drive the ongoing trend from last month’s lows.
December looks bad for investors because they lost nearly 15.5% so far this month. Thus, against the USDT pair, Chainlink price trades at $6.48 mark at press time. As of now, traders follow selling on rise in live market. Resulting in, Market capitalization reaches $3.29 Billion along with 2.44% drop in the last 24 hours when bears observe exhausted today after two days of continued selling.
Before reaching the annual bottom level, buyers must maintain ChainLink price at $6.0 level to reduce sharp selling’s momentum. Despite selling, volume is low, in fact, it plunged 16% in the last 24 hours to $181.8 Million.
Chainlink has a major hurdle at 200 day exponential moving average, which interrupted a bullish rally earlier in November. Later on, bears successfully dragged LINK price below these all vital EMAs on daily price scale. Notably, Stoch RSI is remaining at extreme oversold zone, may influence buyers for next upside move.
Conclusion
Chainlink price is expected to move down nearly 12% from the current price levels. Buyers must accumulate LINK crypto at $6.0-support level which helps to reduce strong selling pressure ahead.
Support level – $6.0 and $6.5
Resistance level – $7.0 and $9.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
