Chainlink Begins Its Rise but Encounters a $15.18 Barrier
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price maintains vital support at $12.75 but encounters a $15.18 barrier. Since April 14, 2024, the LINK price has been moving in a range between the $12.75 support and the 21-day SMA, or resistance at $16. On May 1, the LINK price fell to $12.44 as bulls purchased the dips. The matching bullish momentum broke above the 21-day SMA, reaching a high of $15.18.
The altcoin’s price rise has encountered resistance at $15.18 as it retraces toward the 21-day moving average line. Chainlink will advance to the 50-day SMA or $16.25, if it retraces and holds above the 21-day SMA support. If the 21-day SMA support is breached, the altcoin will go back to its prior low of $12.75. Chainlink is currently worth $14.27.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
Chainlink’s price bar is above the 21-day SMA but below the 50-day SMA following the price recovery. It suggests that the cryptocurrency will fluctuate between the moving average lines for a few days. The altcoin will continue to trade in a range for a few days while remaining between the moving averages.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price has recovered positive momentum but encounters a $15.18 barrier. However, the positive momentum is halted below the resistance level of $15.18.The altcoin is in a modest retracement, and if it falls below the 21-day support, selling pressure will resume. Meanwhile, the cryptocurrency signal remains negative as selling pressure persists.
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