Chainlink was bearish on its chart at the time of writing. Over the last week, the coin witnessed significant decline on its chart. Despite the 2% overnight appreciation the technical outlook of Chainlink remained negative. Fall in the market movers prices has pushed many altcoins to travel south on their charts. Prior to this, LINK was consolidating between $6.70 and $7.00 respectively. A fall in LINK’s price has caused it to travel below the $6.70 price mark. Technical outlook started to reflect a change in price direction as buying strength slightly grew in the market. Despite the change on the technical outlook, LINK was still hovering in bearish territories. At the present moment, the altcoin’s price movement cannot be termed as an invalidation of the bearish thesis. For LINK to defeat the bears, the coin has to be above the $8.00 mark. Along with that, buying strength has to consistently remain positive, a fall in that will drag the coin below the $6.00 support level. The global cryptocurrency market cap today is $1.03 Trillion with a 1.5% positive change in the last 24 hours. Chainlink Price Analysis: Four Hour Chart LINK was trading at $6.58 at the time of writing. Before the decline on its chart, the coin was priced between the $6.70 and $7.00 levels respectively. Immediate resistance for the altcoin was at $6.70 which had previously acted as a support level. If LINK can manage to swoop past the aforementi...
