The Chainlink (LINK) price reached a new yearly high of $17.32 on December 8 but has fallen since.

The price is approaching an important confluence of short-term support levels. Will it bounce, or will the decrease lead to a breakdown?

Chainlink Falls After Yearly High

The technical analysis of the weekly time frame shows that the LINK price has increased quickly since breaking out from a long-term horizontal resistance level in October. The upward movement led to a new yearly high of $17.32 last week.

Despite the increase, the LINK price movement has been bearish this week. The altcoin is in the process of creating a bearish engulfing candlestick, which is only the third such candlestick since the upward movement started.

With the Relative Strength Index (RSI) as a momentum indicator, traders

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Author: Valdrin Tahiri

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