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Chainlink (LINK) Consolidates Above $18, May Move Upward

July 11, 2021

#Chainlink#LINK#LINK/USD#Price Analysis

Chainlink (LINK) Long-Term Analysis: Bearish
Since June 22 bearish impulse, Chainlink (LINK) price corrected upward but was terminated at the $20 high. For the past two weeks, the altcoin has been consolidating above the $18.00 support. The crypto has been fluctuating between $17.60 and $19 price levels. LINK/USD will resume upward move if buyers breach the $19 high. The crypto’s price will rally to retest the $21.50 resistance and possibly break it. On the downside, if the bears break the current support, the market will decline to $15.04. Meanwhile, on June 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK is likely to fall to level 1.618 Fibonacci extension or level $12.82.

Chainlink (LINK) Indicator Analysis
LINK is at level 42 of the Relative Strength Index period 14. Chainlink is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend. The crypto is above the 25% range of the daily stochastic. The altcoin is in a bullish momentum.

LINK/USD – Daily Chart

Technical indicators:
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26

What Is the Next Direction for Chainlink (LINK)?
Chainlink is in a downward correction. On the 4 Hour Chart, the Fibonacci tool has indicated a possible reversal of the coin. On July 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement. The retracement indicates that LINK will reverse at level 1.272 Fibonacci extension or level $17.57. From the price action, the altcoin has tested the 1.272 Fibonacci extensions and reverse.

LINK/USD – 4 Hour Chart

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