Chainlink Extends Accumulation By 200 Days; Will Bulls Push For A Breakout?

• LINK’s price retraces to its 200 days range as the price aims for a breakout ahead of its staking scheduled in December 2022. 
• LINK’s price remains strong as bulls reclaim $6 despite uncertainty in the market traders and investors remain cautious. 
• LINK’s price bounces from a low of $5.5 on the daily timeframe as the price reclaims $6.5 as price trades below the 50 Exponential Moving Average (EMA)

The price of Chainlink (LINK) has had a tough time recently after a successful breakout from its accumulation zone. Still, the price was rejected after 190 days of range movement as the price has continued in this price action for an additional 10 days as Chainlink (LINK) staking draws ever closer. Despite the relief bounce from Chainlink (LINK), the price remains below the key region of interest, which would entice many buyers. The Domino effect of the FTX saga and other large investors has halted the market, as the market has yet to make a significant move, raising concerns about where the market is headed. (Data from Binance)

Despite the uncertainty and turbulence that has affected the price of Chainlink (LINK) and the crypto market at large, many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

Chainlink (LINK) has suffered more price loss, as the price dropped from a high of $45 to a weekly low of 5.5, leading to speculation of a further drop to $3. 

LINK’s price declined from a weekly region of $9.2 to a region of $5.5 due to the FTX fiasco, as the price found minor support to hold the sell-off in price to a further weekly low. The price of LINK has responded well, holding off sell-off and bouncing off from $5.5, rallying to a high of $6.8.

Weekly resistance for the price of LINK – $8.

Weekly support for the price of LINK – $5.5.

The price of LINK remains considerably strong in the daily timeframe as the price trades above $6.5 after LINK saw its price decline from $9.2 to $5.5 recently. 

LINK’s price needs to break and hold above $8 for the price to have a chance to rally high to a region of $10 and possibly $12 ahead of its anticipated staking coming up in December, as many trader and investor thinks the price of LINK should be worth more. 

Daily resistance for the LINK price – $7.5.

Daily support for the LINK price – $6.5.