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Chainlink analysis – bounce from the main support. Did the price find the bottom of the correction?

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Chainlink had a decent retracement compared to other high-cap coins. Nevertheless, the price hit resistance and the price falls again for a short time. Therefore, creation another local minimum which should form higher than the previous one, will be the key. We will see in time whether the price will really work out.

Price created locally maximum at about $ 17.70 where the previous support level is located. This created resistance in the support. We could talk about the beginning accumulation zone after the correction leg, but we do not yet know where the next short-term local minimum will be created.

Chainlink over main supportChainlink over main support. Source: TradingView

Chainlink over main support

If the price manages to create a minimum higher than the last on the surface $ 13.50, so there is a sideway structure in the game. As long the price will maintain this support, the stronger this sideway structure will be. Then all we have to do is watch when the price overcomes the resistance of this sideway structure.

If this scenario comes true, it is possible that the price has already been found bottom correction. However, most Altcoins are just waiting for what BTC will do. Here, too, it can happen that if BTC will go down again, the LINK price will also go below the previous minimum and bear trend will continue throughout the market.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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