Chainlink (LINK) Declines as Bears Resume Selling Pressure
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downward move. On October 27 breakdown, Chainlink fell to $27 low. LINK price corrected upward but was rejected at $32. The cryptocurrency is in a downward move after the second rejection. Meanwhile, on October 27 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that LINK is likely to fall to level 2.0 Fibonacci extension or level $22. From the price action, Chainlink has reached a low of $29.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 53 of the Relative Strength Index period 14. LINK price is in the bullish trend zone and it is above the centerline 50. LINK price has a bullish crossover. That is, the 21-day SMA crosses above 50-day SMA indicating a buy signal. Chainlink is above the 25% range of the daily stochastic. The market is in a bullish momentum.
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’s price is in a downward move as price breaks below the moving averages. The market is declining and approaching the previous low at $27. The selling pressure will resume If price breaks below the $27 low. On the other hand, the upward move will resume if the previous low holds.
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