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Chainlink trades at $6 on Monday and stabilizes at critical support
LINK Buyers Have Always Saved $6 From Bear Onslaught
LINK could fall further in the event of a significant support disruption
the beginning of chain link Staking has sparked interest in the native token LINK. The cryptocurrency was on an upward trend in the last two weeks of November, prior to a significant milestone in early December. Instead, the token succumbed to the bear market. The bulls are fighting $6 as the price now faces a brutal collapse if the bears win. But does this happen?
$6 is Chainlink’s key price level. Historical price action shows that the bull has maintained this critical level since his June. Several levels have been tested, providing clues that LINK can overcome further recessions.
Nonetheless, there are no price action signals to support a recovery to this point. From the daily chart below, multiple inside bars have formed at key levels and underlie the market’s indecision. As this happens in a bear market, it indicates sellers exiting or buyers entering.
From a technical perspective, LINK is trading below the 20- and 50-day moving averages. The moving averages are almost flat, indicating that LINK should be considered in a long-term consolidation. The cryptocurrency has recovered slightly, but the RSI signal remains in control.
The next price action will shape the direction of Chainlink. link price It has stabilized at $6, but the bearish pressure is still there. A low price of around $5.4 remains in sight once the cryptocurrency loses this support.
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