- LINK price failed to sustain amid the market turmoil as the price moved back to its accumulation zone with range-bound movement.
- LINK price continues to show strength after a bearish decline with the current market condition as things remain uncertain for most of the traders and investors.
- LINK bounces off the low of $5.8 on the daily time frame as price targets recovery towards $50 exponential moving average (EMA)
Over the past few days, the crypto market has seen some drastic changes in sentiment, with the price of Chainlink (LINK) and other altcoins struggling for survival after news broke that Binance would not be taking over FTX and that the company might be insolvent. Went. Chainlink (LINK) price performed well in the past weeks, breaking out of its long range price range, rallying from the low of $6.3 to the high of $9. Most of the altcoins are trending as multiple produced gains of over 200%, with DOGE rebounding from the $0.55 area to the $0.15 highs, with many anticipating a more recovery bounce. Nevertheless, these expectations were dampened by the uncertainty surrounding the crypto market, creating a lot of fear about the market going forward. (data from Binance)
Chainlink (LINK) price analysis on the weekly chart
The past few days have been filled with so much volatility in the cryptocurrency space as many altcoins have struggled to show strength after losing their key support to prevent a price drop.
The current uncertainty surrounding the market has resulted in a reluctance from traders and investors to buy altcoins, as there is no assurance that they will move forward any time soon.
The news of Binance hedged its position by taking over FTX has created so much tension as the crypto space remains volatile, leading to a drop in the price of most altcoins, including the price of LINK after breaking out of a range of over 180 days. Is. Nevertheless, the price found a setback in its range zone.
LINK price dropped to a weekly low of $6.3 before bouncing off this area, showing some great strength in the $6.4 area as the price aims to break higher. LINK price needs to flip towards the $7.5-$8 area with support acting as resistance.
Weekly resistance for LINK price – $8.
Weekly support for the price of the link – $6.3.
Price analysis of LINK on the daily (1D) chart
LINK price remains quite strong on the daily time frame as the price is trading above the $6.3 support after bouncing off the $5.8 area.
If LINK price breaks above $8, we could see more upside in LINK price; A break below the $5 area could result in more selling for LINK.
Daily resistance for LINK price – $8.
Daily support for the link price – $6.5.
Featured Image From Daily Hodl, Charts From Tradingview