chainlink The price was rejected from just below $10 and then recorded a decline. It also made things more complicated by breaking the lower support below $6 within a few days of the decline. Indeed, after the decline, LINK price recovered slightly, but the upper limit was capped at $7.92 as the bears pushed the price down further.
However, when things were going well, why did the Chainlink price drop?
Koinfinans.com As we reported, Chainlink has grown in strength over the past few months, jumping over 40% from $6 to $9. As a matter of fact, the price drastically depreciated after reaching local highs. Even though Chainlink Staking was just around the corner, selling pressure continued to build.
🔗 #Chainlink has climbed to $9.35 and fallen to $5.59 in the past month alone. The wide price ranges have been spurred on by $LINK staking v0.1 hype & now live launch, half of the community pool filling, & supply on exchanges falling. Read our deep dive! https://t.co/no3FTOxplv pic.twitter.com/NhH9fF84ni
— Santiment (@santimentfeed) December 8, 2022
Another reason was that the gap between favorable price performance and available volumes was gradually weakening. As a matter of fact, there is a possibility that a reversal in Chainlink price is only a matter of time.
Although it is thought that the staking system is short, it can be seen that there is a delay in this regard. This caused investors to question the ability of developers. This will greatly affect the Chainlink price, which may remain in a consolidated range.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.