Chainlink (LINK) Is Falling After a Rejection from the High of $44
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink is in a downward correction after its rejection from the high of $52. The altcoin fell to the low of $40 and resumed fluctuation between $41 and $48. The uptrend will resume if price breaks the high of $48. Today, the altcoin is falling and approaching the $41 support. The selling pressure will resume if the current support is breached. On May 10 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the LINK will rise to level 2.0 Fibonacci extension or the high of $75.15.
Chainlink (LINK) Indicator Analysis
Chainlink has fallen to level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.
Technical indicators:
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26
What Is the Next Direction for Chainlink (LINK)?
On the 4 –hour chart, Chainlink is falling after rejection from the high of $44. The altcoin is likely to revisit the previous lows of $40 and $41.On May 5 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.272 Fibonacci extensions or the high of $54.42. The market is likely to reverse at the recent high.
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