- LINK traded in the red zone during the past week, but bulls hold the bears from running rampant.
- Bulls lose momentum halfway through the regression trend channel.
- LINK is in the oversold region; the market could correct the prices.
Chainlink (LINK) opened the market for the week with its prices at $6.01, as shown in the chart below. The token was able to sell above its opening market price (green zone) for just a few hours before the bears plunged LINK into the red zone.
Although the bears were able to pull the prices into the red zone, the bulls did not let the bears run rampant. Hence, LINK fluctuated within a tight range of $5.90- $6.00 for the first five days of the past week. During this period, LINK hit the green zone for a brief period and recorded its highest price of $6.05 for the week.
However, come the sixth day of the week, the bulls weren’t able to keep LINK from taking a deep dive in prices. After registering its highest price, LINK started its descent and recorded its lowest of $5.53 on its way down. Currently, LINK is down by 2.64% in the last 24 hours and is trading at $5.55.
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