Chainlink Faces Another Setback as It Approaches $16

Chainlink (LINK) Long-Term Analysis: Ranging
Chainlink (LINK) has been trading below the $17.00 overhead barrier as it faces another setback. Since November 11, buyers have tried twice in vain to keep the price above the $17 overhead resistance. The cryptocurrency will fall below the moving average lines after each failed attempt. Furthermore, as bulls buy dips, the price of LINK will rise.

The upward trend is now significantly more limited below the $16 resistance level. The cryptocurrency asset is currently consolidating above the 21-day SMA. The appearance of the Doji candlestick puts doubt on the upward trend. The LINK/USD pair has a negative risk if the price falls below the moving average lines. The altcoin will continue to fall, reaching a low of $13.66.

LINK is currently worth $15.35 as of this writing.

Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00

Chainlink (LINK) Indicator Analysis
On the daily chart, there is a chance that LINK will rise if the price bars remain above the 21-day SMA. The cryptocurrency’s price has been caught between the moving average lines on the 4-hour chart. A sideways movement between the moving average lines is expected.

What Is the Next Direction for Chainlink (LINK)?
Chainlink remains in the positive trend zone as it faces another setback. The cryptocurrency has been trading in a range of $13.30 to $17.00. The range bound move has been reduced down to price levels of $13.30 and $16. Chainlink anticipates a dip if the upward momentum is inhibited further.

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