Chainlink (LINK) Sees Upside Correction Below $30

The LINK market has been impressive recently. The price of the token has risen sharply through multiple resistance levels. Today, the coin saw an additional price increase of 5.59%. Let’s take a closer look at this coin below.

LINK Statistics:

Chainlink Price: 29.44

Chainlink Market Capitalization: $18.41B

Chainlink Circulating Supply: 626.84M

Chainlink Total Supply: 1B

Chainlink CoinMarketCap Rank: 12

Key Price Levels:

Resistance: $30.00, $35.00, $40.00

Support: $25.00, $20.00, $15.00

Chainlink Sees a Rejection at the $30 Price Level

As noted above, the LINK/USDT market has seen a significant upside correction since November 5th. During this period, the market has quickly risen through multiple resistance levels. However, the $30 threshold seems to have presented a strong barrier to price movement since the previous session. This is evident from the price activity retracing below this price mark since the previous session.

Nevertheless, bullish forces remain dominant in the ongoing session but have been forced to relinquish considerable profits. Nonetheless, trading continues above all the Moving Average (MA) lines and at a good distance. Consequently, bulls can maintain an optimistic outlook in this market.

LINK Bears Take the Lead in the New Session

While the latest session on the Chainlink daily market remains generally bullish, the token’s 4-hour market indicates that downward forces dominate early in the new session. However, the corresponding price candle still appears small and is positioned well above all the MA curves.

Technically, this suggests that bullish forces can easily regain control and still drive the market past the next psychological resistance. Additionally, the Stochastic Relative Strength Index (RSI) curves are rising slightly upwards, just below the 50 level of the indicator. Therefore, bullish forces still seem poised to regain control of price movements as trading continues, potentially propelling the market through the $30 resistance and toward the $35.00 price level.

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