Chainlink (LINK) Declines as Underlying Strength Weakens
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) slumps as the bears break the $20 support. The recent selling pressure was caused by the rejection at the $26 high. The price corrected upward twice and was rejected at $26. The bears retested the $20 support twice before it was breached. There is a likelihood that the altcoin may fall and revisit the previous low at $18, or $15. However, if the $21 support holds, LINK/USD will resume upward. For instance, on May 23, the bulls bought the dips as the crypto rallied to $35. However, the bears have the upper hand as price resumes downward.
Chainlink (LINK) Indicator Analysis
LINK has fallen to level 36 of the Relative Strength Index period 14. Chainlink will fall into the oversold region if price falls below level 30. Presently, it indicates that it is in the downtrend zone and it is capable of falling on the downside. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26
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What Is the Next Direction for Chainlink (LINK)?
The altcoin is in a downward move. On the 4-hour chart, Chainlink price has broken the previous support as the market resumes downward. Meanwhile, on May 30 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.618 Fibonacci extensions or the low of $16.27. From the price action.
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