Chainlink Consolidates Above $5.50 but Unable to Sustain Above $8
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has fallen below the moving averages as it is unable to sustain above $8. Presently, the upward move is facing rejection at the 21-day line SMA. Nonetheless, Chainlink will regain bullish momentum if the bulls break above the 21-day line SMA. In the previous price action, the bulls broke above the moving averages but failed to sustain the bullish momentum. There are candlesticks with long tails indicating that the current support has strong buying pressure. The crypto is in the oversold region of the market. Further selling pressure is unlikely. The bulls have been consistent in defending the $5.50 support. The current selling pressure has stalled above the $5.50 price level.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 47 of the Relative Strength Index for period 14. It indicates that the crypto is in the bearish trend zone and capable of a further downward move. LINK’s price bars are below the moving averages indicating a price decline. It is above the 20% area of the daily stochastic. The daily stochastic indicates that Chainlink is already oversold.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink is in a downward move as it is unable to sustain above $8. Meanwhile, on May 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LINK will fall to level 1.272 Fibonacci extension or $4.84. From the price action, Chainlink has retested the Fibonacci extension and reversed.
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