Chainlink (LINK) Plunges To $29 Low, Approaches The Oversold Region
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Technical indicators:
Major Resistance Levels – $40.00, $42.00, $44.00
Major Support Levels – $26.00, $24.00, $22.00
Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink is retracing after reaching a new high of $44. The altcoin may fall and find support above $35. The $35 support was the previous overhead resistance. The overhead resistance was broken after two months of stiff resistance. The upward move will resume if the $35, support holds. Chainlink has continued its downward move as it broke below the $35 support.
Chainlink (LINK) Indicator Analysis
LINK has fallen from level 71 to level 45 of the Relative Strength Index period 14. It indicates that the market has reached the downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the previous sideways move.
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)?
LINK is falling because the market is facing rejection at $44. On the 3- hour chart, the coin has fallen to $41 low and pulled back. Meanwhile, on April 16 downtrend, a retraced candle tested the 38.2% Fibonacci retracement level. It indicates that LINK will fall to level 2.618 Fibonacci extension or $29.41 low. From the price action, LINK has retested the Fibonacci level and reversed from the current support.
Note: cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
