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chain link (LINK/USD) is now in imminent danger of plummeting to new lows for the year. That was after the cryptocurrency lost $6 support, a critical level it has held since May. The cryptocurrency trades at $5.75. This isn’t the lowest price of the year, so hopefully it can maintain support. However, the price movement has already broken out, and there is a high possibility that the bear market will continue.
Chainlink Labs played a role in countering the risks posed by the collapse of FTX. On November 10th, the team launched a proof-of-booking product to address future trust issues. PoR products help verify centralized exchange asset reserves, cross-chain collateral, and off-chain bank account balances. It also helps to check the actual asset reserves of the exchange. As a measure of transparency, Chainlink appears to be heeding the growing call for reserve disclosure. His CEO of Binance, Changpeng Zhao, previously advocated disclosure after the collapse of FTX.
Despite moves to reassure investors, LINK has succumbed to the bear market. Following a monthly high of around $9.5, the cryptocurrency’s price nearly halved.
LINK’s bear market has been confirmed with a clear breakout zone at $6 support on the daily chart. The RSI has yet to reach the oversold levels, suggesting that LINK has room to fall further. If the bulls fail to stop the decline and bring LINK back to his $6 level, the next level to watch will be his $4.50.
The market for Chainlink tokens is very bearish. A breakout of support to the downside and weak crypto sentiment reinforces the bearish bias.
it’s not time to buy chain link Until you settle on the right support. A potential rally to $6 and above could attract buyers. Otherwise, investors should consider buying his LINK at $4.50 based on current price movements and sentiment.
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