The LINK technical analysis shows a recovery rally struggling to rise above $7.35 and the 50-day SMA. Will this power struggle result in a breakout entry spot? Yesterday, the LINK prices displayed a higher price rejection candle at $7.3 resistance, hinting at the end of the ongoing relief rally. With a 0.8% drop today, the sellers bolster the possibility of price reversal. If the selling pressure persists, the holders may lose $6.3 support. Key Points: The LINK chart shows high concentrated resistance at the $7.3 mark. The MACD indicator slope rising indicates the buyers are making recovery attempts, evidenced by the recent bullish crossover. The intraday trading volume in the LINK coin is $335.8 billion, showing a 14% gain. Source – Tradingview LINK Technical Analysis The LINK prices have been maintaining a lateral trend between $9.5 and $5.5 for about four months. Furthermore, the last reversal from the overhead resistance coincided with the widespread sell-off in the crypto market, tumbling by 34.5%. As a result, the downfall marked a new lower low at the crucial support of $6.25. The market price recovered 15% and hit the resistance zone at $7.3 over the past week. However, the long-wick candle indicates the sellers are wrestling with, resuming the prevailing correction. The LINK price could plunge below the $6.26 support level with sustained selling. Moreover, the bearish breakdown will intensify the selling pressure and ...
