Crypto Analyst Bullish For Chainlink (LINK)

Crypto trader Rekt Capital (@rektcapital) posted on Twitter (social network banned in Russia) technical analysis for the cryptocurrency Chainlink (LINK). In his opinion, the LINK price is in the process of retesting the weekly support level.

If the support level at $7,786 continues, orwill even be overcome, in the following weeks the price of LINK has every chance of growth. According to his forecast, the target for this rally is set at $8.80.

On the other hand, if the support level is at $7,786 will not hold, traders should be on the lookout for new support at $6,278. A bounce from this level will see LINK price consolidate in the $6,278-7,786 range over the next 2-3 weeks.

According to CoinMarketCap, in the last 24 hoursLINK price fell 2.72% to $7.97. LINK's price also fell compared to the two market leaders in cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) by 4.84% and 3.39%, respectively.

LINK/USDT daily chart (Source: TradingView)

The daily RSI indicator on the LINK chart suggests that the LINK price has peaked; the daily RSI line has formed a peak and now has a slight negative slope towards the oversold zone.

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