Chainlink Price Faces Rejection At $6.5-Will The Bears Take Over?

The price of Chainlink appears to be struggling around 70.0 RSI level following a test at the $6.5 price area which occurred within the last 24 hours.

Chainlink is one of the top gainers of the bull frenzy that was initiated by a rise in Dogecoin’s price. While Dogecoin leads the entire crypto markets in a general bull run, Chainlink alongside other major alts like ETH, ADA, XRP, and XLM have gained massively and crossed critical points in the process.

Also read, How did TikTok take Dogecoin’s price to an all-time high?

Chainlink gained around 32% in the last 2 days while prices skyrocketed from the $4.5 level to touch an all-time high at $6.5. With a $2 price increase which came with a little retracement, Chainlink is now trading at $6.27. Its market cap currently fumbles around $2.19 billion while exchange volume is around $838.64 million.

LINK/USD Technical Analysis

It would appear that the bulls have successfully landed LINK at a new milestone. Prices don’t appear to be capable of returning to $4 anytime soon. With this in mind, buyers are looking to overcome the resistance at $6.5.

LINK/USD returned from the 90.0 RSI oversold condition to test lower prices around 70. As prices found great support at the $6.2 level, a price consolidation set in for the next major move. After this horizontal moment, the buyers are likely to launch an assault at the $6.5 level again. An advantage at this struggle will send prices towards the $7.

However, if the prices fail the support at $6.2, the next level of major support lies at the $4.5 area. Further support lies at $4.0 below. Although this is highly unlikely in the short term, the sellers may gather some energy to rally downwards in an expected price correction.