Chainlink joined other altcoins in this week’s market meltdown. The price fell by roughly 15% so far but the price is still within a range-bound. It may move out of the box if the current bullish pattern continues to play.

Starting the year on a bullish note, Link’s performance has been relatively impressive as it tapped $8.7 last week. This led to about 70% gains in three months. But unfortunately, these gains washed away quickly following a massive selling that hit the overall market this week.

The sellers took a break and the price remains calm around the $7 level for the past 24 hours. This indicates that the selling volume is currently low. The sell exhaustion could introduce the buyers back into the market.

Meanwhile, it has been forming a bullish pattern since the start of the year. And from a technical perspective, it may resume positive actions in the coming weeks. Although the bears still have an upper hand due to the current market condition.

Looking at the bigger picture on the higher time frame, however, the price has been moving in a range since mid-2022. The $5.5 and $9.5 levels are acting as support and resistance. A break at either of these levels will trigger a big price movement.

As Link remains inside the box, the next area of interest for the bears is $6.5. It could even drop further to the $6 and $5.5 support levels before it potentially collapses to a new low.

If the price recovers from this week’s dip, the area of interest for the bulls would be $8 and $8.7, where it recently initiated a sell-off. The $9.5 resistance level remains a vital breakpoint for the bulls as they target $10.5 and $12.

Key Resistance Levels: $8, 8.7, $9.5

Key Support Levels: $6.5 $6. $5.5

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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