LINK Consolidated Around $3.70 But Bulls Are On To The Next Move

LINK Consolidated around the $3,70 level after witnessing a 1.92% loss over the past hours as the price remained trapped in the channel as the bullish trend remains valid for most trading pairs as we are reading further in the Chainlink news.

Most of the top altcoins decreased in price below their immediate supports after the recent fall in Bitcoin’s price so Chainlink managed to stay strong above the key demand level at $3.47 after the multiple rejections. The price got trapped in a range of $3.47 and $3.85 after the sudden drop from the $4.26 which was maintained last week. Chainlink is struggling around the $3.70 level against the US dollar after losing 1.69%.

LINK consolidated around $3.79 and its bullish trajectory will remain valid as the channel pattern holds. The price is indecisive which suggests a potential breakdown as per the 4-hour charts. In case of another drop, Chainlink will need to break below the orange demand area right at $3.47 before going down all the way to $3. The next major support is located at $2.63. LINK could resume the upward trend if the lower boundary of the channel continues to act as a support. The $4 position will be a green light for the market and the price could reach $4.26 before breaking to $4.5.

Chainlink is in the middle of consolidation and the actual direction of the market is indecisive yet. Against Bitcoin, the LINK/BTC pair will bounce back from the support and the key resistance levels for the pair include 45000 SAT, 52700 SAT, and 55000 SAT. Chainlink is starting to show more strength again but the price remains down by 4% at the time of writing. After going through a three-week decline, it found base support at the 37566 SAT as predicted in previous analysis in our Chainlink news. LINK bounced back after testing the lower boundary channel since it was forming from 2019.

LINK is now priced at 41391 SAT after a four-day increase to the 44000 SAT resistance level. The price will reach the upper boundary of the channel if the demand gets heavier.
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Chainlink could prepare for another short-term rally while a key resistance is near the 45000 SAT. The next level to watch out is the 52700 SAT level. On the downsides, Chainlink is holding base support of 37566 SAT level so if a breakdown happens, the support to watch out is at 33372 SAT.