LINK Looks For Support After Dropping 27% In One Week

LINK looks for support after it dropped by 27% in one week and crashed beneath the $9.00 today. The coin is trading at a support level of the high-day closing price in July when the bulls tried to stall the downtrend as we reported in the chainlink crypto news.

Against Bitcoin, Link dropped into the support of 0.618 FIB retracement level at $0.000826 bTC. Five days ago, LINK entered beneath the crucial support at the $10.40 level which stalled the market decline during the early September price drop. Since then, LINK broke below the $10 level and continued on downwards until it found support at the $0.8.67 level. right now, LINK looks for support again after it spiked below the $8.20 level yesterday but the bulls managed to allow the daily candle to close above the $8.67 level.

With chainlink creating another fresh low yesterday, it does seem like the buyers left the market. If the sellers push below the $8.00 level, LINK can be expected to continue lower until support is met around $6.00. if the sellers push below $8.67, the first level of support lies at $8.05. The next support levels can be found at $7.66 and $6.60 while the last level of support lies at .
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00. On the other side, the resistance list at $9.00 and beyond this there’s an additional resistance found at $10 and $10.40.

The RSI finally reached oversold conditions and bounced again but this could suggest that the sellers are overextended and could take a break from their bearish activity. The Stochastic RSI is in the process of producing a bullish crossover signal. The key support levels include 0.000826 BTC and 0.000756 BTC while the key resistance levels include 0.0009 BTC and 0.00094 BTC. The sellers are in control again of the pair as the bears pushed chainlink into the support of 0.000917 BTC. This level was later bolstered by the 3-month old rising trend line. However, the buyers were not able to defend the support as LINK entered below this trend line and continued lower until it reached the support of 0.000826 BTC.

Looking ahead, if the support at 0.00826 BTC breaks low, support can found at 0.0008 BTC and 0.000756 BTC. On the other side, the first level of resistance is set at 0.0009 BTC which is followed by resistance at 0.000943 BTC. The RSI has also reached oversold territory and the SRSI is about to produce a bullish crossover signal.