- Analyst Rekt Capital shared his technical analysis for LINK yesterday.
- The trader mentioned two key weekly price levels that traders will want to keep an eye on.
- In related news, LINK’s price has dropped more than 2% over the last 24 hours.
The crypto trader Rekt Capital (@rektcapital), tweeted his technical analysis for Chainlink (LINK) yesterday. In the tweet, the trader stated that LINK’s price is in the process of retesting a weekly support level.
He also added that should the weekly support level at around $7.786 hold in this retest, then LINK’s price will rally higher in the weeks that will follow. The trader set the upside target for this rally at around $8.80.
On the other hand, should the support level at $7.786 fail to hold, then traders will want to keep an eye on the support level at $6.278. A bounce off of this level will see LINK’s price consolidate between $6.278 and $7.786 in the 2-3 weeks that will follow.
At press time, the price of LINK is down 2.72% over the last 24 hours according to CoinMarketCap. As a result, LINK is currently changing hands at $7.97. LINK’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 4.84% and 3.39% respectively over the last 24 hours.
The price of LINK is resting on the daily support level at $7.917. Should it break below this level before the end of today’s trading session, then LINK’s next target will be the support level at $7.506.
The daily RSI indicator on LINK’s chart suggests that LINK’s price has reached a peak, given that the daily RSI line has formed a peak and is now sloped slightly negatively towards oversold territory.
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