Previous article Chainlink losing $6 will be a bear trigger, but Michaël Van De Poppe is optimistic Next article Home Latest Cryptocurrency News Chainlink losing $6 will be a bear trigger, but Michaël Van De Poppe is optimistic Chainlink losing $6 will be a bear trigger, but Michaël Van De Poppe is optimistic By Motiur Rahman - min read 28 December 2022 Chainlink has temporarily lost the support at $6 Michaël Van De Poppe expects the price to rally to $16 next year LINK faces pressure, and the momentum is bearish Chainlink (LINK/USD) was trading $5.74 as of press time. Technical indicators show that the cryptocurrency has lost support at $6, although a bear momentum is yet to be confirmed. Will the new year spell doom if bulls do not recover above $6? Potentially yes, since LINK bulls have always defended $6. Any time the price crashes below this level, buyers arrest it quickly, making it an important zone. A loss of $6 will, therefore, be a bear trigger for LINK in early 2023. Crypto analyst Michaël Van De Poppe expects Chainlink to be bullish next year. According to Poppe, Chainlink will rally to $16 if bulls reach a resistance area of $7.78. However, Poppe says LINK can fall below $5 before igniting a bullish push. LINK price and technical outlook LINK is consolidating within a range of between $6 and $8. Any break below the range low could take the cryptocurrency down. Bulls will gain interest if the cryptocurrency breaks above the range low. LINK/USD Chart by TradingView Technically, selling pressure is high on LINK. The RSI points down and remains near the oversold region. A further decline heightens the bear pressure, with LINK now staring at a possible drop below the consolidation. The new few days of trading will be exciting to watch how LINK behaves around the support. Can LINK recover the $6 level? Although a price below $6 would be considered bearish for LINK, we need to watch the close of the daily candlestick. A bullish reversal will be confirmed if the candlestick closes with a long wick on the lower side (bullish pin bar). Conversely, a bear market will be confirmed if LINK closes with a long wick on the upper side and the price breaks further lower. For LINK bulls, it is important to wait for confirmation. Where to buy LINK Plus500 Plus500 is a leading provider of Contracts for Difference (CFDs), delivering Leveraged trading on +2,000 financial instruments, including Forex, Commodities, Indices, Shares, Options and Cryptocurrencies. CySEC license number (#250/14) Buy LINK with Plus500 today 82% of retail CFD accounts lose money. eToro eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users. Open Account Share this article Categories Analysis Tags Altcoins Chainlink News Link