Chainlink price rolls over as Fed-hike takes a toll on the market
|- LINK price plummets following a steepFed-hike announcement.
- Chainlink price rose by 20% during the final week of October.
- Invalidation of the bearish thesis is a breach above $8.
Chainlink price is declining fast following the recent FOMC meeting. Following last week’s successful trade idea, the market looks more challenging for the bulls this week. Key levels have been defined to determine a potential landing zone for the oracle-based blockchain token.
Chainlink price rolls over
Chainlink price is on a downward spiral following the recent FOMC meeting on Wednesday, November 2. The meeting shook the market as Fed has decided to “hike rates an additional 0.75% to reduce inflation".
LINK, the oracle-based blockchain token, rose by 20% during the final days of October, establishing a last-minute monthly high at $8.32. The meeting has induced an ongoing 7% decline and counting.
Chainlink price currently trades at $7.42 as the bears are testing the waters near the 8-day exponential moving average (EMA). A breach through the barrier would lead to an additional 5% decline toward the 21-day simple moving average (SMA) currently positioned at $7.12. If the 21-day SMA does not hold, traders can say goodbye to a $7.00 LINK. The next probable landing zone could be in the mid-$6.00 zone.
LINKUSDT 1-Hour Chart
Still,bearish invalidation is possible for the Chainlink price. The bulls will need to hurdle the recent pivot point at $8.00 to re-route north for higher gains. If the hurdle is accomplished, an additional rally toward $8.40 could result in a 13% increase from the current market value.
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