The crypto markets are consolidating within a narrow range as the Bitcoin price drops from $37,000. In the meantime, Chainlink, which has been one of the top performers in recent times, is facing decent bearish pressure. The price has been plunging significantly for over a couple of days, and hence it appears that the retest could be in progress. Therefore, it is now speculated that the LINK price may hit interim support very soon. 

The LINK price consolidated within a very narrow range for a prolonged period—more than 20 months—and triggered a breakout towards the north. After surging by over 86%, the bears have begun to extract their profits, causing a 14% to 15% drop in the past few days. Now that the retest is in progress, here’s when the price may find its immediate lows and kick-start a healthy rebound.

The LINK price tested the trend line that has been acting as a crucial resistance since 2021. Each time, the price soared above these levels, causing a fake breakout as the levels dropped back below them. Unfortunately, the price again failed to break above these levels, indicating a significant retest could be underway. This week, the price is expected to test immediate support at $12.91, as the RSI has triggered a bearish pullback after reaching the highs.

Previously, in mid-2020, LINK Marines failed to hold the price above the support level after the rejection. This caused a further 50% drop in the price for the next few weeks. 

If a similar price action replicates at the moment, the Chainlink price is feared to drop back to a single digit. Therefore, it is very important for the token to sustain above these levels until the weekly cause. This could offer the required base for the token to propel further; otherwise, an extended bearish action may erase all the gains made in the past few weeks.

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