CHAINLINK PRICE ANALYSIS & PREDICTION (December 7) – LINK Initiates Pullback After A Month Rally, Down 2% Daily

Starting this week with a breakup, Link later faced resistance and lost momentum after registering over 150% monthly gain. It currently looks weak on the day following a 5% loss in the past four days. The past month’s trade marked a great shift in the market structure as it rebounded from the $10 level – pinned as support in the early month. After a week’s surge, it struggled with volatility as the price squeezed and broke through $16 to tap $19.5 – its highest trading level in nine months. Crossing over into this month bullish, Link initiated a buy and exploded to $27 on Monday. Facing multiple rejections at this price level, it lost grip and fell to where it is changing hands at $22.9, although it remains bullish. The latest price drops indicate a pullback. As seen on the daily chart, it aims to retest the broken $20 level. If this level holds as support, we can expect a quick bounce to the previous resistance before breaking higher. A strong daily close under this level should facilitate a broader pullback before locating a solid ground to foot a fresh increase. Despite the drops, the market is still in favour of the bulls in the short term. A further break up should give them more control in the future. LINK’s Key Levels To Watch Source: Tradingview Now that the price is pulling back, the key potential level for a rebound is $19.45. If the price drops below it, $16.1 and $13.8 are other support levels to watch for a drop. In case of a rebound, Link must reclaim the lost $27 resistance level before rising to $28.7. The next resistance level to watch is $32.6. Key Resistance Levels: $27, $28.7, $32.6 Key Support Levels: $19.45, $16.1, $13.8 Spot Price: $22.9 Trend: Bullish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: skorzewiak/ 123RF // Image Effects by Colorcinch