Chainlink (LINK) Prices Striving Hard, Breaches $16 Level

• A slide to the low of $13 is expected if the bears breach existing support.
• The daily stochastic indicates that the price has entered oversold territory.

As per data from WhaleStats, LINK has displaced MATIC as the most actively traded cryptocurrency. ETH whales continue to buy both LINK and MATIC as both tokens remain in the top ten most purchased tokens. After being rejected from a high of $28, Chainlink (LINK) has slipped below moving averages. The cryptocurrency had plummeted to a recent low of $15 today but rebounded to breach the $16 level. 

A slide to the low of $13 is expected if the bears breach existing support. Assuming, of course, that present support holds, LINK/USD will have to trade around the $15.00 to $22.50 area. As the market has entered oversold territory, Chainlink is advancing above the $15.63 support. Selling pressure is expected to ease soon.

Read More: Chainlink Price Prediction

Oversold Condition

Oversold conditions prevail for this cryptocurrency. Buyers are expected to appear, causing prices to rise. The daily stochastic for Chainlink is below 20%. The daily stochastic indicates that the market has entered oversold territory. The price of cryptocurrencies is now trading below their moving averages, suggesting that they may be headed down.

Since the market’s low of $15.63, LINK/USD was declining. A reversing candlestick was challenged on December 14 at a Fibonacci retracement level of 78.6 percent. Fibonacci extension level 1.272 or the high of $11.96 is the retracement point.

According to CoinMarketCap, the Chainlink price today is $16.22 USD with a 24-hour trading volume of $1,528,820,232 USD. Chainlink has been up 1.54% in the last 24 hours.

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