Chainlink Declines As It Struggles below the Resistance at $8.00
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) price is in a sideways trend as it struggles below the $8.00 high. On the upside, LINK is facing rejection at $8.00 resistance level. The altcoin would have rallied to the overhead resistance at $9.50 if the current resistance is overcome. The altcoin is retracing to find support above the moving average lines. The coin will continue its upward move if it finds support above the moving average lines. However, it will be compelled to a range-bound move between $6.50 and $8.00 if it declines below the moving average lines. In the meantime, Chainlink is hovering above the moving average lines.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 53 of the Relative Strength Index for period 14. LINK price is in the bullish trend zone despite the retracement. The crypto’s price has retraced above the moving average lines indicating a further upward move. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways move. The altcoin is below the 20% range of the daily stochastic. Chainlink has reached the oversold region as the selling pressure reaches bearish exhaustion.
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 has fallen to the oversold region of the market as it struggles below the $8.00 high. The coin is likely to resume upward as it reaches bearish exhaustion. The coin has fallen to the previous low of $7.64. Buyers will be attracted to the lower levels of price.
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