LINK Recovery at Risk of Stalling Near Mid-Range Level

  • The LINK price rally stalled at $6.635 just above its mid-range level.
  • A bearish order block of $6.51 – $6.64 aligns with the mid-range level, which could cause a further price decline.
  • A bullish Bitcoin (BTC) surge could help LINK break through the bearish order block and target the range high of $6.8.

„Will Chainlink’s Recovery Halt at This Roadblock?“

Chainlink’s [LINK] recovery in late May stalled at $6.635, just above its mid-range. After that, sellers took control of the market and extended gains close to the range low of $6.2. The downswing followed Bitcoin’s [BTC] price rejection at $28k and unless BTC surges to this level again, LINK bulls could face difficulty bypassing the bearish order block (OB).

„Range Trading Since 8 May“

Since 8 May, LINK has been trading in a range with extremes at $6.2 and $6.8 respectively, while a bullish order block (OB) of $6.25 – $6.4 was also formed on the 4-hour chart along with a bearish OB of $6.51 – 6$.64 aligned with the mid-range level ($6.53). Unless there is another BTC surge to break through these levels, LINK may be unable to surpass this roadblock and may instead head towards either the bullish OB ($6.25 – 6$.4) or range low of 6$.2 instead if buyers fail to regain control over sellers in this market situation..

„Bulls Had Little Leverage“

At press time, long positions dominated exchanges at 52%, denoting a bullish outlook on the 4-hour timeframe in the futures market; however, buyers had little leverage against sellers due to their inability to break through both OBs without any outside help from BTC prices rising again soon enough before they lose all control over their current position in this market situation..

„Technical Indicators“

The Relative Strength Index (RSI) had retreated from lower ranges and crossed above 50 mark indicating buying pressure improved; however it is important to note that On Balance Volume (OBV) has been making lower lows since late April suggesting declining overall demand for LINK tokens during this same period as well..


Traders should track Bitcoin’s movements closely before making any moves as it might be necessary for them breaking through both OBs successfully; otherwise if it doesn’t happen soon enough then sellers might take back control over buyers again as seen earlier when prices were declining near range lowlevels despite bulls having majority positions in exchanges during those times as well..