Chainlink Is in a Downward Correction, Faces Resistance at $15
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is below the moving averages as it faces resistance at $15. Presently, the price is hovering above the $14 support. If the bears break below the $14 support, the altcoin will further decline. Meanwhile, on February 14 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that LINK will fall to level 1.618 Fibonacci extension or $12.81.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 40 of the Relative Strength Index Period 14. The altcoin is making an upward correction above the $14 support. LINK price is in the downtrend zone despite the upward correction. The crypto’s price is below the 21-day SMA and the 50-day SMA indicating the downtrend. 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 still at the bottom of the chart as it faces resistance at $15. The market is correcting upward as it approaches the 21-day line moving average. Meanwhile, on February 14 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that LINK will fall to level 1.618 Fibonacci extension or $12.81. From the price action, the altcoin will fall if it faces rejection at the 21-day line moving average.
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