- Chainlink (LINK) is drifting lower from the recent high.
- LINK/USD should stay above $8.00 to retain positive bias in the long run.
Chainlink (LINK) topped at $8.8999 on Wednesday, July 15, and has been moving sideways with bearish bias ever since. The coin has stayed mostly unchanged since the beginning of the day and gained over 2% in the recent 24 hours to trade at $8.35 by press time. Despite the retreat from the recent high, LINK is still moving within an upside-looking trend as long as $8.00 reinforced by 1-hour SMA100 and Thursday’s low remains intact.
LINK/USD: Technical picture
As the FXStreet previously reported, LINK’s price is still moving within a short-term upside trend with the local support created by an upward-looking 1-hour SMA100 at $8.00. If this barrier is broken, the sell-off may be extended towards $7.00 with 1-hour SMA200 located on approach. A move towards this area will signal that the rally is over and the coin is ready to return to the previous trend. However, considering the flat RSI that stays on the neutral territory, LIMK/USD is likely to stay range-bound within the current range during the recent trading hours.
LINK/USD 1-hour chart
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From the longer-term point of view, the coin is also range-bound as the daily RSI stays flat on the overbought territory. The above-mentioned $8.00 followed by $7.800 (July 15 low) serves as a pivotal area that separates the short-term correction from an extended decline. Once it is out of the way, the sell-off is likely to gain traction with the next focus on psychological $7.00 and $6.00 ( the middle line of the daily Bollinger Band). On the upside, a move above $9.00 will unleash new buying spree and bring $10.00 into focus.
LINK/USD daily chart
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