Since Chainlink broke through the critical support at $3.85, the coin seems to have bottomed at the $3.76 mark. Changing positions between a set upper limit at the $3.96 mark since May 25 and the lower of $3.76 initially set on the same day, Chainlink has shown a range-bound price movement until now.
Market buyers and sellers have been taking turns to control the markets as the bulls and bears alternate between price changes in a general horizontal price movement.
Amid the struggle for a breakout of this price bond, LINK appeared to have lost value against its BTC pair as bitcoin crossed the $9,000 dollar level early on Thursday while recording a 3% 24-hour gain in the process.
LINK/USD trading pair is currently changing hands at $3.86 having only gained 0.02% in 24 hours. Market capitalization remains within the same perimeter since the last 5 days. It is currently tethering at $1.35 billion as traders exchanged $295.78 million in volumes over the last 24 hours.
LINK/USD 4-Hour Price Chart
On the 4-hour time frame, the price is currently looking to break a minor resistance at the 23.6% Fibonacci retracement level ($3.85) after recently plunging from the $3.91 level. If the bulls press on and break the resistance there, this may push pice further upwards.
In the case that prices move further upwards, the next level of resistances sit at 0.382 and 0.5 fib levels respectively. If these resistance are broken, the price may advance beyond $3.91 in the near term. $4.06 mark lies at the 78.6% fibo retracement level where prices have bounced off several times.
However, if the sellers gain an advantage at the 23.6% fib level, this will crash the price towards lows at $3.76. Further down, prices will be looking to find support at the $3.5 mark.