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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.
ChainLink Price Analysis: LINK/USD continues downfall after failing at the $8.63 line
Rajarshi MitraRajarshi MitraIndependent Analyst

LINK/USD daily chart

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

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.

More from Rajarshi Mitra
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