Chainlink is in the process of forming consecutive weekly bearish candlesticks.
If we consider the weekly timeframe, we can see that in June the LINK price fell to a minimum at $4.78 and then began a gradual increase. In September, the level of the rising minimum was formed on the chart and the growth rate increased.
An important point was the achievement of a new annual high on November 11 at $16.60. In 56 days, the price has increased by almost 200%.
However, since then, the Chainlink has been going down, forming consecutive weekly bearish candles.
The relative Strength Index (RSI) gives mixed signals, being above the 50 level, but declining.
Analysts' opinions are divided.
For example, CryptoBull predicts a price increase against the background of the launch of Betting v0.2 - the updated Chainlink staking mechanism, available for the first participants from December 7 and for everyone from December 11. The analyst explains:
"After the launch of Betting v0.2, more tokens will be blocked. With a decrease in supply in the market and a continuation or increase in demand, the price will also rise."
CryptoPoseidonn is less confident that the future trend will be bullish. He assumes that the price will rise in the short term, but believes that LINK will eventually return to the $1 level.
RektCapital also sees a bearish trend, as LINK failed to break through the long-term horizontal resistance level at $15.
