Chainlink Hits the $6.23 Low as It Reaches Bearish Exhaustion
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) downtrend has slowed as it reaches bearish exhaustion. The altcoin hit a low of $6.23 on May 11 and then started consolidating again above it. The crypto has hit bearish exhaustion based on the price signal. Below the current support, further decline of the coin seems improbable. The LINK price corrected the upward candle body on the downtrend of April 27 and tested the 78.6% Fibonacci retracement line. According to the correction, the price of LINK will drop but will turn around at the level of the 1.272 Fibonacci extension, or $6.19.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
For period 14, Chainlink is at level 41 of the Relative Strength Index. As it approaches bearish exhaustion, the altcoin is in the bearish trend zone. The present decline is caused by the cryptocurrency price bars being below the moving average lines. Above the daily Stochastic threshold of 50, the alternative currency is in a bullish trend.
What Is the Next Direction for Chainlink (LINK)?
Chainlink price attempts to reverse at the recent low as it reaches bearish exhaustion. On the 4-hour, the altcoin has risen between the moving average lines. Chainlink will be compelled to a range-bound move for a few days.
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