Chainlink Faces Rejection at $15, Risks Further Decline
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price faces rejection at the 50-day line moving average as it risks further decline. In other words, Chainlink is facing rejection at the $15 high. Since March 16, LINK/USD has been in a range-bound move between the 50-day line moving average and the 21-day line moving average. The altcoin will trend when the moving average lines are breached. For instance, if price breaks above the 50-day line moving average, the LINK price will rally above $19 high. Conversely, if the altcoin breaks below the 21-day line moving average, the altcoin will decline to $13 low. In the meantime, the LINK price is falling and has reached the low of $14.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 51 of the Relative Strength Index Period 14. It indicates that there is a balance between supply and demand. The crypto’s price is in between the moving averages indicating a sideways move. Chainlink is below the 20% range of the daily stochastic.
Buyers are likely to emerge in the oversold region to push prices upward. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $40.00, $42.00, $44.00
Major Support Levels – $26.00, $24.00, $22.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink is in a range-bound move between the moving averages as it risks further decline. The altcoin retraced to $14.44 and resumed upward. Meanwhile, on March 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that LINK will fall to level 1.272 Fibonacci extension or $14.71. The market has declined to $14.44 and it is consolidating above the current support.
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