Chainlink Price in December? Following a Bullish November

Crypto News– The Chainlink price has witnessed a notable decline since reaching its annual peak on Nov. 11.

This decrease has been confined within the boundaries of a symmetrical triangle, prompting speculation about a potential breakout. A technical analysis on the weekly timeframe reveals a positive trajectory for LINK since June, when it bottomed out at $4.78 (depicted by the green icon). Subsequently, the price established a higher low in September (indicated by the black icon), intensifying its upward momentum.

Chainlink Price in December? Following a Bullish November

The culmination of LINK’s upward movement resulted in a new annual high of $16.60 on Nov. 11, marking an impressive 200% increase over 56 days.

However, the LINK price has experienced a downturn since then, marked by consecutive bearish weekly candlesticks. Analyzing the Relative Strength Index (RSI) as a momentum indicator provides insights into whether the market is overbought or oversold, influencing decisions to accumulate or sell an asset. Generally, if the RSI reading is above 50 and the trend is ascending, bulls have an advantage; conversely, a reading below 50 indicates the opposite.

The RSI reading currently presents a mixed picture, being above 50 but on a downward trend.

Market Analysts’ Perspectives

Cryptocurrency traders and analysts on X provide divergent perspectives on the future trend.

CryptoBull holds an optimistic view, anticipating a price increase driven by the release of LINK staking v0.2. The early access for LINK staking is scheduled to commence on Dec. 7, followed by general access on Dec. 11. CryptoBull asserts:

“Once LINK staking v0.2 goes live, even more supply will be locked up.

With less supply on the open market, if demand stays the same or goes up, price will rise. Goodness gracious, I’m excited for us.”