Chainlink Faces Stiff Resistance at the Recent High, Drops Sharply to $5.50 Low
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) is in a downtrend as it drops sharply to $5.50 Low. In the previous price action, the bulls broke the 21-day line SMA but fail to break the 50 –day line SMA. The bullish scenario has been invalidated as the altcoin faces rejection at the recent high. The altcoin has fallen to the previous low at $5.50.On the downside, if the bears break below the $5.50 support, it will signal the resumption of the downtrend. The market will further decline to another low at $4.84.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 34 of the Relative Strength Index for period 14. It indicates that the altcoin is in the downtrend zone and capable of a further downward move. The crypto’s price is below the 21-day line SMA and the 50-day line SMA indicating a possible fall. The altcoin is below the 20% area of the daily stochastic. Chainlink has reached the oversold region.
Technical indicators:
Major Resistance Levels – $20.00, $22.00, $24.00
Major Support Levels – $12.00, $10.00, $8.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink has resumed selling pressure and as it drops sharply to $5.50 Low. The downtrend will resume if the current support is broken. Meanwhile, on May 12 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.
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