Chainlink (LINK) Breaks Below $27 Support, Resumes Downtrend
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) price has resumed a downward move by breaking below the moving averages. For the past week, the LINK price has been consolidating above the 50-day SMA. The breakdown below the moving average signals the resumption of the downtrend. The selling pressure is reaching bearing exhaustion as the market reaches the low of $25. There are bullish candlesticks above the $25 support indicating a possible upward move.
Technical indicators:
Major Resistance Levels – $40.00, $42.00, $44.00
Major Support Levels – $26.00, $24.00, $22.00
Chainlink (LINK) Indicator Analysis
LINK price is at level 45 of the Relative Strength Index period 14. It indicates that the crypto is in the downtrend zone and capable of falling on the upside. The crypto’s price has broken below the support line indicating that the market has resumed selling pressure. The 21-day SMA and the 50-day SMA are sloping upward indicating the upward move.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price has fallen to the low of $25.60 and pulled back. Meanwhile, on September 17 downtrend, a retraced candle tested the 78.6% Fibonacci retracement level. The retracement indicates that LINK price will fall but reverse at level 1.272 Fibonacci extension or level $26. From the price action, Chainlink has reversed.
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