As the cryptocurrency market continues to rise, Chainlink (LINK) has lost about 12% of its value in the last 7 days. According to Michael Fasogbon’s technical analysis, the price is testing a three-month support line since it was rejected at $ 17 (RSI 70) (Nov. 24). However, there may still be hope for the bulls if this support line provides a rebound.
While the daily MACD remains positive, a strong recovery could push the price back to the $ 13, $ 15, and $ 17 resistance levels. On the other hand, a downside breakout could pull the price to $ 9.67, $ 8.5, and $ 7.2. Chainlink is trading at $ 11.57 as of the time of publication. Chainlink is trading near the 65000 SAT level after a 2.5% drop in the last 24 hours. Chainlink, the 7th largest cryptocurrency in terms of market value, is testing 60645 SAT, the lowest level in almost 6 months. The bears continue to push the price, as the daily technical indicators (RSI and MACD) show.