Chainlink (LINK) Consolidates Above the $23 Support as Selling Pressure Reaches Bearish Exhaustion
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Chainlink (LINK) Long-Term Analysis: Bearish
On November 26, Chainlink’s (LINK) price fell to the low of $23. For the past three days, the current support has been holding. Chainlink has also fallen to the oversold region of the market. The current selling pressure has reached bearish exhaustion. A further downward move is unlikely. However, if the bears break the current support, the altcoin will further decline to $21. The $21 support is the previous low of September 22.
Chainlink (LINK) Indicator Analysis
The cryptocurrency is at level 32 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone and approaching the oversold region of the market. The 21-day and 50-day SMAs are pointing downward. LINK is below the 20% range of the daily stochastic. The altcoin is now in the oversold region. Buyers are expected to emerge in the oversold region.
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)?
On the 4-hour chart, LINK is in a downward move and has fallen to the low of $23. Meanwhile, on November 18 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LINK will fall but reverse at level 1.272 Fibonacci extensions or $23.24. From the price action, the LINK price is testing the Fibonacci extension as price falls.
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