Chainlink Is in a Sideways Move as It Faces Rejection at $7.48
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Chainlink (LINK) Long-Term Analysis: Bearish
Since June 13 price slump, Chainlink (LINK) is in a sideways move as it faces rejection at $7.48. The upward move has been restricted as price fluctuates between $5.30 and $7.50 price levels. Today, the bulls have failed to break the 21-day line SMA as the altcoin resumes downward. On the downside, the bears have failed to break the current support because of bulls’ defence. The long candlestick tail indicates that the current support is a strong buying point.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 46 of the Relative Strength Index for period 14. It indicates that the crypto is in the bearish trend zone and capable of a further downward move. LINK’s price bars are below the moving averages indicating a possible decline. It is above the 50% area of the daily stochastic. The daily stochastic indicates that the market is in a bullish momentum.
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 is likely to further decline as it faces rejection at $7.48. The downtrend will resume if price breaks below the $5.50 support. Meanwhile, on June 13 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK will fall to level 1.618 Fibonacci extension or $2.68.
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