Chainlink (LINK) price has dropped 4% on Aug 24, following a broader crypto market correction. The drop appears to be influenced by macroeconomic catalysts, such as Jerome Powell’s economic outlook at the annual Jackson Hole symposium and the Federal Reserve Bank of Boston President Susan Collins’s signal of more rate hikes.From a fractal standpoint, Chainlink’s price drop is part of its prevailing consolidation trend. The LINK price has been stuck in the $6.10-6.43 trading range since Aug 17. On-chain analysis shows that most LINK whales have dumped the token in August, suggesting a bearish bias for the coming session.Technically, the LINK price is near a support confluence comprising of a historical accumulation range and an ascending trendline. In addition, the Chainlink token’s daily relative strength index (RSI) is near 33.50, raising prospects of an oversold rebound. A decisive rebound from the support confluence could have the LINK price eye $6.92 as its primary upside target by the end of Q3/2023. However, a strong break below the support confluence could invalidate the bullish setup and cause the LINK price to drop toward the $5-5.50 range.
| Information |
Details |
| Geography |
Europe |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
8 |
| People |
Susan Collins, Jerome Powell, Federal Reserve, Jackson Hole, CoinChapter.com |
| Companies |
Federal Reserve, Federal Reserve Bank of Boston, CoinChapter.com, Bitcoin, Ethereum |
| Currencies |
Bitcoin, Ethereum, Chainlink, USD, LINK |
| Securities |
None |
