ChainLink Price Analysis: LINK/USD continues downfall after failing at the $8.63 line
- LINK/USD bears have retained control for the third straight day.
- The price has dropped below the $8 psychological level.
LINK/USD daily chart
LINK/USD bears have retained control for the third straight day as the price dropped from $8.256 to $7.93, falling below the $8 psychological level. LINK/USD has been experiencing a freefall after failing at the $8.63 resistance level. The MACD shows decreasing bullish momentum. The RSI has dropped out of the overbought zone following the recent bearish price action.
Support and Resistance
As mentioned, LINK/USD faces daunting resistance at $8.63, which has previously thwarted the bulls. On the downside, healthy support lies at $7.39 and $6.47.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
