The LINK price had recorded a new high of over $16 during this month, indicating a strong bullish sentiment over the market, but the price has been trading under a bearish influence since, indicating a possibility of the coin experiencing a significant correction in its value before the year-end.
Following the market pump, Chainlink price constantly traded in a closed range between $10.630 and $11.749 for a period. As the market regained power in November, the price broke out of the range and regained momentum.
The LINK token experienced a short pullback, after which the price displayed a massive jump of approximately 30%. The price then faced rejection at $15 and traded sideways for a while, following which the bulls regained momentum and recorded a new yearly high of $16.611 before being rejected again.
The LINK coin then recorded a correction of 17% and tested its important support level of $13.893. The market bulls managed to hold the price at that level, resulting in the price gaining momentum, but the rally was short-lived as the price faced a strong rejection at $15.411.
Since then, it has been trading in a parallel range of $12.929 and $15.411. Positively, the price has been recording higher lows, indicating a possibility of strong price action in the coming days.
The RSI indicator was constantly trading above the mid-point but recently displayed a sharp decline in value, indicating increased selling pressure in the market. Further, the averages show a head toward the lower limit, suggesting a price correction soon.
Will The LINK Price Robound?
If the bulls hold the price above the support level of $13.893, the LINK price will regain momentum and prepare to test its resistance level of $15.411 soon. Further, if the bulls continue to hold power, it will prepare to test its upper resistance level of $16.611 in the coming week.
Conversely, if a trend reversal occurs, the price will lose momentum, break down its important support level, and prepare to test its support level at $12.929 soon.
Moreover, if the bears continue to dominate the market, the LINK price will continue to drop and test its lower support level of $11.749 in the coming time.
