Is Chainlink Going to Zero? LINK Price Drops 9% as New Mining Project Exceeds $6.6 Million Raised

cryptonews.com:

Leading oracle project Chainlink has endured a -9% LINK price drop over the past 24-hours, leaving some panicked holders asking is Chainlink going to zero?

This comes amid a broader downtick and retracement in major cryptocurrencies over the past 24-hours, which has spread throughout the market.

Both Ethereum and altcoins retesting crucial levels as we speak.

Either hold here and fullsend or break below and we go lower.

Keep in mind that it is the last official trading day of the year so volume should be low.

I am just playing my $LINK long setup for now!

— GURU (@cryptognetwork) December 29, 2023

However, with top traders now targeting crucial lower support levels for a bounce, and long interest appearing in the chart – LINK price could be set for a strong consolidation – lets take a look.

Amid the retracement move, Chainlink is currently trading at a market price of $16.13 (representing a 24-hour change of +0.81%).

This comes after LINK price hammered-up from 20DMA (sat at $15.16) support earlier this week, to mount a new local high at $17.69.

However, topside resistance here triggered a -9% drop to retest lower support, leaving LINK price fighting to consolidate above $16.

Despite the dramatic drop, LINK price appears to be left in strong bullish technical form with price action retaining bullish pendant structure.

This is bolstered by significant divergence above the gently ascendant 200DMA which remains below the trading channel at $9.31.

Furthermore, the retracement from a local high has enabled the RSI to remain relatively cool, avoiding a severe overbought signal, with a current reading at 56.77.

Bullish sentiment is confirmed by a glance at the MACD, which continues to highlight bullish momentum at 0.109.

Overall, LINK