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.

Rajarshi Mitra Independent Analyst

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.

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LINK/USD daily chart

Support and Resistance

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