On Dec 4, LINK bounced after reaching a low of $15. The bounce was crucial since it created a higher low relative to the price in July.
Furthermore, it validated the $19.20 area as support.
This is a crucial area because LINK has been trading above it since the beginning of 2021, with the exception of the deviation (red circle) in July.
Therefore, a breakdown below this support could mean that it’s mired in a longer-term correction.
