LINK Technical Analysis: What Keeps The Price From Falling To $7?

After the unsuccessful start of the new 2022, the LINK buyers have not been able to change the situation in their favour. If back in December 2021 we saw a struggle of buyers, then after the weekly candle of 17 January there is no resistance. During the last 7 trading weeks, sellers have been systematically and without much aggression pushing the LINK price down. The result is 25% of the LINK cryptocurrency value. Sellers were able to push the LINK price below the local liquidity range of $15.8. However, this did not give the current growth wave or acceleration or increase in volumes. It seems that although sellers now dominate the market – it is clearly lacking gasoline for the active phase of the fall. https://www.tradingview.com/x/aU5gTrYF/ In the weekly timeframe, you can see how the LINK price hung in the consolidation, forming a red wedge. Our main scenario at the moment is a rebound of the LINK price to $20.5 over the next few weeks. A fairly positive scenario does not mean that the LINK correction, which began in May 2021, is over. Globally, we see the price moving in a black downward trend channel. If we continue the quiet correction, we expect the final target of LINK cryptocurrency to fall at $8. It is at this point that there will be a good chance to buy LINK in the long run. If the price movements dynamics and trading volumes remain unchanged, the completion of the LINK price correction is possible in the summer. ...