Chainlink price has been moving sideways over the past day. In the last 24 hours, the coin has only increased by 0.4%.
Broader market price sentiments have crept in and many major altcoins have followed suit. In the past week, Chainlink has gained close to 6%.
It continues to struggle within the $7 price zone. For the coin to see bullish force yet again, it is imperative that LINK travels above the $8 price level.
The technical outlook of LINK has also indicated that bullish strength has started to exit the market. Demand for the altcoin has fallen, which has caused sellers to increase in number.
Despite the recovery that Chainlink price registered in the past week, the coin has not experienced positive buying strength.
This emphasized that LINK has to move past its next resistance mark for demand to increase on the chart. If buying strength continues to remain low, Chainlink will soon visit its closest support level.
Currently, the altcoin is trading at an 86% low ..
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