Chainlink Reaches Critical Support as Analysts Forecast a Strong Rebound

One trader does believe that the cryptocurrency is oversold at its current price level, offering a chart showing that Chainlink has now reached a critical support level that could be followed by some significant upside in the days and weeks ahead. Chainlink Sees Further Weakness as Sellers Continue Building Momentum At the time of writing, Chainlink is trading down over 6% at its current price of $8.20.

Analyst: LINK May Soon Post a Strong Rebound as It Nears Critical Support  While speaking about the cryptocurrency’s near-term outlook, one analyst explained that Chainlink might be nearing a crucial support level that could spark a bounce. It appears that Chainlink’s current price action is somewhat detached from that of the aggregated crypto market.

Timeline of Chainlink, Link