Apart from $6.45, the psychological level at $7 has also been important in the past month. Therefore, LINK traders can keep an eye on these levels.
showed weakness over the past three weeks. Chainlink could fall lower too, following wider market sentiment.Source: LINK/USDT on TradingView
The market structure was bearish on the daily timeframe after LINK forayed below the $7.27 level on 1 August. Since then, this level has been breached and LINK has flipped its bias bearishly on the 1-day chart. The 4-hour has had a bearish outlook since the failure to reclaim the $8 resistance level on 27 July. The rejection there was followed by steady losses. This downward trajectory of Chainlink prices was likely to continue based on the evidence at hand.
The RSI showed steady bearish momentum, and the OBV continued to slide lower in recent weeks. The price action showed that the next level of interest was the $6.45 mark. Demand was likely to be seen upon a retest of this zone, and LINK could have a minor bullish reaction or even a reversal.
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