Can Chainlink (LINK) Survive a Bear Market as Sellers Aim for Higher Profits?

• Chainlink (LINK) price is slowly rising but the sellers are still here.
• Bears once again failed to register a 52-week low.
• Property trades at cheap rates so this year can be profitable for investors.

Amidst the bear crypto market, investors are fearful of holding cryptocurrency in portfolios, on the contrary, some are looking for an opportunity to create short-term upside positions as the market has not bottomed out yet. Meanwhile, the price of Chainlink (LINK) is at its lowest level in the last 90 days.

As for Chainlink, buyers are building up heavy buying pressure to sustain the yearly lows. Below this support, LINK price could decline to the 2019 high of $4.5. To protect itself from aggressive selling, buyers should push the crypto above the previous high of $6.12 as soon as possible.

However, in the higher time frame, LINK token looks to be within a wide horizontal range and at the time of writing bulls accumulated the digital asset as the weekly candle is 3.36% green while the current price trades at the $5.81 mark. Thus, the market capitalization increased by 2.2% overnight, to be reported at $2.94 billion.

The volume has been increasing for the past few days and last night it increased by 26% to reach $209 million. In positive conditions, the traders can accumulate Chainlink price towards the next resistance level of $6.0. On the downside, the $5.38 level was an important support level for a trend reversal.

RSI is Emerging Towards Semi-line

While testing the lower levels, the RSI has dropped into the oversold zone. With the oversold RSI, the bulls have accumulated Chainlink coin to defend themselves. This bullish move has given positive momentum in the price and there is still a possibility of more upside movement according to the rising RSI indicator.

On the daily price chart, the MACD indicator also turned positive as it displayed a bullish crossover this week. This bullish divergence could help the buyers to break the previous swing high.

Conclusion

Chainlink (LINK) price is moving towards the next resistance level between a high-low structure. Though, buyers are active in the market but we cannot ignore the lower range. Bulls must hold on to the 52-week low to maintain their dominance over the Chainlink crypto.

Support level – $5.4 and $4.5

Resistance level – $6.0 and $7.0 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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