Can LINK withstand the constant barrage from sellers at the critical price level of $6?
Source: LINK/USDT on Trading View
Since 17 August, LINK has hovered just above the $6 support level. With the level serving as a springboard for bulls in late June, the possibility of a price bounce existed. However, the selling pressure throughout August that saw LINK drop by 20% gave bears the upper hand. The H4 timeframe saw successive bearish candles below the $6 support giving sellers a massive advantage to extend gains.
As of press time, the Relative Strength Index continued to float in the oversold zone. This highlighted the major lack of buying pressure. Similarly, the On Balance Volume continued to drop rapidly, hinting at a lack of demand for LINK. Sellers could target the $5 – $5.5 level, especially if BTC isn’t able to recover. On the other hand, bulls could rally again from this level on the 12-hour or daily timeframe with a strong bullish candle.
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