Will Chainlink’s recovery falter at this roadblock?
recovery in late May stalled at $6.635, just above its mid-range. After that, sellers took control of the market and extended gains close to the range low of $6.2.price rejection at $28k. Although the king coin reclaimed $27k at press time, it was yet to flip its higher timeframe market structure into bullish.LINK has been trading in a range since 8 May, with range extremes at $6.2 and $6.8. The range low of $6.2 also aligns with a bullish order block of $6.25 – $6.4 formed on the 4-hour chart.
Unless BTC surges to $28k, LINK bulls could face difficulty bypassing the bearish order block . The roadblock could set LINK to head southwards to the bullish OB or the range low of $6.2. A session close above $6.635 will invalidate the above bearish thesis. Such an impulse move, especially if BTC retests $27.8k or $28k, could tip LINK to rally towards the range high of $6.8.
In the meantime, the RSI had retreated from lower ranges and crossed the 50 mark – buying pressure improved. Despite OBV’s slight uptick, it has been making lower lows since late April – declining overall demand in the same period.
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Will Chainlink’s recovery halt at this roadblock?LINK recovery could stall again near its mid-range level, aligning with a bearish order block.
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