Chainlink Is in a Range as It Faces Rejection at $9.50 High
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) is in a downturn as it faces rejection at $9.50 high . Prior to the most recent dip, LINK’s price bounced back and broke both the $8.00 resistance and the moving average lines. Bullish momentum built up to the $9.50 overhead resistance high but was stopped. The overhead resistance of $9.50 was retested by LINK price, but it was unable to surpass the most recent high. The price of the cryptocurrency has fallen back to the former range-bound region between $6.60 and $8.00 price levels. The range of the cryptocurrency is constrained. Upon breaching the range-bound levels, Chainlink will trend once more.
Chainlink (LINK) Indicator Analysis
For period 14, Chainlink’s Relative Strength Index level is 47. Due to the most recent rejection, the altcoin has slipped into the decline zone. The coin is below the daily Stochastic threshold of 40. It is moving negatively right now. The LINK price is anticipated to continue falling because price bars are below moving average lines. The horizontal slope of the moving average lines is apparent.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink fell to a low of $6.66 on November 8 before recovering as it faces rejection at $9.50 high. The price of the cryptocurrency has started moving sideways between $6.60 and $8.00; at the time of writing, Chainlink is trading at $7.33.
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