LINK seems exhausted after the prolonged two-week 15% price increase and is now even up by 2.2% as the bulls continued gaining control over the short-term as we are reading more in the Chainlink news.
After gaining support around the 45000 SAT, LINK bounced right back and is charged towards the high of 47267 SAT level. The price increase is now consolidating around the $4.5 level after it rejected the $4.9 last week. The key resistance levels for the assets are $4.9, $5, $5.5 while the key support levels are $4.25, $3.5, and $3. Chainlink failed to resume the buying pressure since the price spiked to $4.9 on June 1 but the market structure is still looking quite bullish on the short-term perspective. Because of the low buying volume, the price has been consolidating around $4.5 over the past week.
Looking at the price action, Link is trying to get a hold of the $4 price level since the monthly opening and at the same time, respecting the channel that is shaping since the start of March. Another strong bearish action could come into play if the price drops off the channel. It is also likely to face the monthly resistance of $5 if the buyers try to show commitment again. Despite this price action, the LINK price is still up by 2.1% over the past day.
The price is still in favor of the bulls but their presence seems to be weakening at the moment. If the buyers regroup and try to surpass the crucial resistance of $4.9, it could even print a fresh yearly high of around $5.5. LINK seems exhausted on the $4.25 and the price could crash into the grey demand area of $3.5 if the channel breaks below. The support below this area sits at $3 in case of a further dip. Looking at the current decreasing volume, another strong correction could be coming for the 14th largest cryptocurrency by market cap.
Over the past weeks, Chainlink faced a strong resistance of 45000 SAT levels after the rebound from 37000 SAT. During the trading last week, the resistance got breached with the full body candle that led the price to 47267 SAT level before going back to where it is found now. With the bulls continue to gain control on the daily charts, LINK would have to surpass another important resistance line before starting on a new bullish trend. It could also prepare for another increase once the price crosses the green trend line.
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