Chainlink price shows an exhaustion of the bullish momentum as it approaches a key reversal zone. This development could see LINK trigger a steep corr
produce a higher high. A breakout from this formation often leads to a bullish breakout. In Chainlink’s case, LINK rallied 25% between September 11 and 23. This rally was in response to the sudden sell-off noted in the second week of August.
As Chainlink price trades around $7, investors can expect a retracement to the midpoint at $6.759. While bulls might find a temporary respite here, a retest of the 25-day and 30-day Exponential Moving Averages confluence at $6.450 is more than likely. This move would constitute an 8% descent from the current position.
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