At the time of writing, the trading price of Chainlink (LINK) is trading in a very critical zone. According to the Fibonacci graph, the trading price of LINK is currently hovering at the horizontal support level.
Nothing could be said about the price action of the asset given the current market conditions. At present, the asset is hovering in a zone where it can either break down or bounce.
Either way, a trend could be set for the trading price of the asset. If the price breaks down, then the value of the asset would move in a downward direction. Otherwise, it would move in the upward direction.
LINK’s Price from the Start of 2023
Ever since the year 2023 began, the trading price of LINK started to ascend at a significant rate. As the price of LINK kept rising, the bulls kept turning the resistance levels of the asset to the support levels.
The price of the asset kept on surging right from the beginning of 2023. Prior to the inclined movement of the asset, LINK’s price was at a low of $5.75 per LINK. This was a horizontal support area where the asset had been hovering for a while.
From there, the trading price of LINK kept on surging and it went all the way up to a 2023-high on February 20. The price chart shows that on that particular day, LINK had hit an all-year high of $8.40 per LINK.
Just as the price of the asset moved to a high of $8.40, it started to face a downtrend. After surging to a high trading price, the value of the asset kept on declining, as it faced a reversed trend.
Since then, the trading price of LINK has kept on declining and the situation is still the same. The trading asset is still within the bearish territory and its price may continue declining until things become favorable.
RSI was Pulled into the Bearish Zone
Just as the trading price of the asset kept on declining, it ended up falling below the support line. The data shows that the trading price of LINK fell to a lower level on March 3.
This is a clear indication that the upward movement of LINK is no longer in place. The data shows that there are no more rallies in place that may help push the asset higher.
Current Price Movement of LINK
At the time of writing, the trading price of the asset is at a low of $6.56 per LINK, compared to the high price it hit on February 20.
Although the bears may be in power the bulls may try and retest their buying power by attempting a rebound. If LINK bounces from the support level, which is positioned at 0.618 Fib, then the bulls may attempt a stronger rally.
They may have to try and retest their buying power by trying to push the asset to a high of $7.60. If the asset does keep on moving within the ascending support channel, then it may successfully hit the particular level.
Given the current circumstances, it is expected that the trading price of the asset may end up moving downwards.
If the confidence level of the investors grows weaker and the bears gain more strength, the asset’s price may decline to $5.75.
Future is Unclear
At the moment, the analysts do not have any clear price movement of the asset in sight. They are not sure where the asset is going to move in the bullish direction or the bearish.
Despite the uncertainty, they have made their predictions about the trading price of LINK. They have made both predictions about the trading price of LINK.
Now, it is up to the bulls and the bears to show their buying and selling power to move the trend to their corner.