The price rejection at $ 6.5 brakes the upward dynamics of Link, while the declining spot CVD illustrates sales pressure.

The price rejection at $ 6.5 brakes the upward dynamics of Link, while the declining spot CVD illustrates sales pressure.

The price of Chainlink (link) has fought with a bear structure in the past seven days and stagnated just above the support brand of $ 6. The price rejection at $ 6.5 led to a certain sales pressure, but the bulls stubbornly held at the level of support of $ 6.

The long -term prospects for Link remained bear. The altcoin was able to recover from the level of support of $ 5 and break through the declining trend line in the 12-hour period, but the upward dynamics came to a standstill after the 6 dollar brand was reached.

A decline of 4.3 % in the last 24 hours and the drop in the RSI under the neutral value of 50 illustrated a declining demand and a developing declining dynamic. The on-balance volume (OBV) also remained largely unchanged, which pointed out to a lack of strong purchase pressure.

With regard to the current balance at $ 6, two scenarios are possible at short notice. If there are further declines at Bitcoin, Link's bears could use the $ 6 mark as resistance. On the other hand, an interest bully rally from BTC could give buyers the opportunity to climb up again from the $ 6 brand.

The speculators are also undecided, as the fluctuating financing rate shows. Market speculators are unsure about the next step by Link, so the financing rate fluctuated between positive and negative. The Spot-CVD remained declining, which indicates a decline in demand and increasing sales pressure.

Overall, buyers should be careful and closely observe the price development of Bitcoin, since it could significantly influence the next step of Link. The opposite trends in general crypto market could lead to further burglaries at Link. Bitcoin is currently struggling to stay over $ 31,000, while at the time of the drafting of this article it is traded at $ 30,500.

It remains to be seen how the situation will develop and whether link will be able to overcome its bear structure and to create sustainable upward dynamics.

source:
- Link/USD on Trading View (https://cnews24.ru/uploads/8d7254009cf7BCB903000B519C96B4DED6F1.PNG
- Coinalyze (https://cnews24.ru/uploads/1fad361b273036ecc830ce4f1149ca32689f2.png)