Chainlink [LINK] hits a key supply zone - Can bulls weather the selling pressure?
LINK was bullish on the 12-hour chart, as shown by the RSI’s value. Similarly, the OBV has risen, boosting the recent uptrend but faced a downtick at press time. But LINK has reached the sell pressure area of $7.520 and $7.813.
The zone has also been a critical resistance level on the three-hour charts. As a result, bulls may still find difficulty overcoming it, especially if BTC fails to reclaim the $25K level. Ergo, bears could profit from short-selling opportunities at $7.529, or $7.292, if the price correction extends toward the demand zone . The $7.003 or $6.669 levels can also be ideal buying opportunities, so sellers can lock profits at these levels.A session close and confirmation above the supply zone will give bulls a clear view to target the $8 value and the pre-FTX level of $9. But the upswing will invalidate the above bearish bias.
to Coinalyze. This further lends credence to a possible extra rally. However, close to $100K worth of long-positions has been rekt, too. This calls for caution. An upswing above $7.5 and steadily rising OI will give bulls impetus to target the $8. However, any drop in OI will provide bears with more market influence.Subscribe to get it daily in your inbox.
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