Chainlink (LINK) rejects resistance at $14.65. Traders are on high alert

Chainlink(LINK) started Wednesday in the red, with the price falling to 4.26%, LINK has entered a downward trend. Breaking strong support at $14.2 and crucial support at $14.17, the downtrend is currently settling at $13.8.

Bulls are on alert as the price looks for support between $12 and $13.

The 4-hour chart of LINK/USDT offers a bullish outlook with strong strong support. The descending channel indicates a bullish breakout and a trend reversal signal. With the RSI moving in the neutral and oversold condition, the price will move towards an accumulation zone of $13.

Traders are watching for a breakout at the $13 level. Any upward or downward direction from here will see the price move quickly in the same direction. The most worrying thing here would be that the MACD is below the signal line.

Trend traders can Get in somewhere at $12.08 to $13 with the same stop loss after watching the breakout.

Chainlin’s fundamentals hold the bar

Although Bitcoin LINK predicted weak performance with a weekly low of nearly 25%, the cross-chain interoperability protocol has a neutral RSI (no overbought or oversold condition). This neutral market sentiment balanced out after combining notable fundamentals.

• Chainlink has been selected as a technology partner for the development and management of the Hong Kong Dollar stablecoin (HKDR).
• A recent report from Intotheblock found that Chainlink saw negative net inflows from exchanges, showing signs of accumulation.