CHAINLINK Price Analysis: Signs of Recovery. A Relief for the LINK Investors

• The signs of recovery are a relief for the LINK investors. The Price recovered 3.85% in 6 hrs
• Bulls need to continue this movement to make a breakout which is a must for the token.
• The LINK/BTC pair is at 0.0002319 BTC with a gain of 0.38% in it.

Chainlink is a blockchain abstraction layer that enables universally smart contracts. Through a decentralized oracle network, chainlink allows blockchains to securely interact with external data feeds, events, and payment methods providing critical off-chain information. The chainlink network is driven by a large open-source community of data providers, node operators, developers, and more.

Coming from a long downtrend movement the LINK price is now trapped inside a channel of the sideways trend of support and resistance of $6.2 and $8 respectively. This signifies that the bulls and bears are battling to get control over the market. It will be difficult for the bulls to win the market as the bears are dominant over the market for a long time. The token needs to attract buyers as the price has fallen very low after its all-time high. The token is moving significantly low below the exponential moving average.