The overall cryptocurrency market has again taken a heavy hit as cryptos like Bitcoin, Ethereum, and several others have printed daily red candles.
In this scenario, Bitcoin is one of the most severely affected cryptocurrencies after a price dip that pushed it below the $20K mark.
Ethereum also dropped by 5.4% over the previous day and is now trading at $1,486 at the time of writing.
This corrective phase has significantly impacted BTC's market value, which has also fallen by more than $379 billion from a high of $410 billion just a few days earlier.
The crypto market lost 3.8% of its total valuation, which is now $1.03 trillion.
However, Chainlink is one of the most unaffected cryptocurrencies in the market and is even showing very bullish signs over the short and medium terms.
As per the price analysis of Chainlink, the cryptocurrency has bullish tendencies and appears to be gaining momentum.
Over the last few hours, Chainlink's price has risen considerably, despite the current pullback sweeping through the market. At the time of writing, the price of Chainlink sits at $9.26 after bouncing off the $8.3 resistance.
The price outlook on LINK shows that the cryptocurrency has been in a range since mid-August.
After breaking through this range in the last week's bullishness, Chainlink appears to have retested this trendline and is now aiming for an even higher move to the upside.
The daily chart shows that the cryptocurrency price is high above its 50, 100, and 200-day moving averages, indicating that the bulls have controlled the market for quite a while.
The MACD line is above the signal line, buttressing the point and proving that LINK is bullish as far as technicals go.
On the other hand, the daily RSI is tending towards the overbought zone, indicating that the price increase above the trendline may be relatively small before the cryptocurrency becomes oversold and moves down for a correction.
Overall, the price of Chainlink appears to be within a range, as illustrated below.
Right after the breakdown of the $9.5 level in May that took the price of the cryptocurrency to its $5.5 low, Chainlink entered a range between the $5.5 low and the $9.5 support it broke through.
This support level is one of the most important points Chainlink has to break through to move fully to the upside.
The bears are likely waiting for the bulls at the $9.5 zone and will likely attempt to push the price of the cryptocurrency lower before a breakout happens.
If Chainlink fails to break through this level to the upside, a retest of the $8.32 zone can be expected, or even a breakdown of this support and an even steeper decline to the $6.2 zone.
However, if a breakout does happen, the price of LINK is expected to explode to the $11 zone or beyond.
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