Chainlink has retreated to $10.95 from its all time high of $21.75, a drop of 46% against the USD valuation.
However, if we zoom out to the monthly chart, from a technological point of view, LINK is holding support nicely from the last few monthly candles and has bounced off the monthly 9EMA (White EMA below).
The big drop in recent days saw a huge recovery as more bulls pushed up the price on this asset.
Chainlink Monthly Chart showing support off 9EMA
If we zoom in to the Weekly, the price has found support off the 50MA and its price is back within the symmetrical triangle. This can be considered a continuing bullish symmetrical triangle if it holds up to the end of the week.
Chainlink Weekly Chart showing symmetrical triangle and 50MA support
The Daily chart below also shows further confirmation of support as the Daily 200MA has bounced off the drop, showing a further move up could be on the way.
Chainlink Daily Chart with 200MA bounce - a huge indicator of long term trend
Now, against Bitcoin, it has dropped massively and so have most altcoins as Bitcoin keeps its march towards $25,000.
However, against the US Dollar it has held up.
Alongside the fact that LINK metrics keep improving, partnerships are announced almost daily and LINK's cryptocurrency exchanges supply dropping to its lowest levels since its ICO, these are very good signs that further growth could be on the way.
