Chainlink Consolidates above $7.00 as It Regains Bullish Momentum

Chainlink (LINK) Long-Term Analysis: Bearish
The price of Chainlink (LINK) is falling between the moving average lines as it regains bullish momentum. The cryptocurrency asset drops after testing the $8.00 resistance level. The altcoin declined to a low of $7.25 while being contained between the moving average lines. The current selling pressure has lessened when the altcoin is kept above the 50-day line SMA. The moving average lines are likely to contain Chainlink. But, the selling pressure would pick back up if the bears’ break is below the 50-day SMA. The market will drop even further, reaching a low of $6.50. But, if price moves over the 21-day line SMA, the LINK price will resume its upward trajectory. The price of Chainlink as of this writing is $7.27.

Chainlink (LINK) Indicator Analysis
During period 14, Chainlink is at level 49 of the Relative Strength Index. The price of LINK has gotten to its equilibrium point. In other words, supply and demand are now equal. The altcoin will be forced to move in a range since the price bars of the cryptocurrency are located between the moving average lines. Over the daily Stochastic threshold 25, the altcoin is in a positive momentum.

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 reaches bearish fatigue as it regains bullish momentum . Over the $7.00 support, the cryptocurrency has found stability. Bullish candlesticks are beginning to appear, suggesting that the cryptocurrency may be moving higher. If the bulls break through the 21-day line SMA on the daily chart, the altcoin will resume a bullish trend.

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