Chainlink, a leading cryptocurrency, is continuing to show potential buying opportunities despite its recent sideways movement. In the last 24 hours, the coin has declined by 0.7% which has erased most of the gains made in the past week. The coin currently rests at $7.20, and while it recently crossed the $7 mark, it found a strong resistance at $7.20. Meanwhile, its overhead resistance is at $7.60, which if broken, could take the price up to $8.

As for its support levels, there are two main ones. The first one is located at $7, and it should LINK drop below this level, further drops to $6.80 and then $6.40 could be expected, providing attractive buying opportunities for traders. It looks like the amount of LINK traded in the last session was negative, indicating an increase in selling pressure on the one-day chart. Therefore, the Relative Strength Index (RSI) has also dropped close to the half-line which suggests that buyers are starting to leave the market.

Additionally, the altcoin price has fallen below the 20-Simple Moving Average line, which shows a decrease in demand and implies that bears are in control at the moment. To restore the bullish trend, LINK needs to secure a slight increase above the $7.20 price mark, which would make it pass the 20-SMA line and receive a much-needed momentum boost. Moving forward, it will be interesting to observe how Chainlink’s performance is impacted by the broader market strength and rate at which buyers enter the scene.



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