Chainlink (LINK) Slumps as It Faces Rejection at the $25 High
August 8, 2021
Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has rallied to $25.09 but faced rejection at the recent high. The bulls could not sustain the bullish momentum above the recent high. Besides, the altcoin has been trading in the overbought region for the past week. Sellers have emerged to push prices down. The current retracement will extend to the low of $20. On the other hand, if price finds support above the moving averages, the uptrend will resume. Nonetheless, LINK price will fluctuate between $20 and $24 price levels if the support holds.
Chainlink (LINK) Indicator Analysis
The crypto has fallen to level 58 of the Relative Strength Index period 14. Chainlink is in the bullish trend zone and capable of rallying on the upside. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend. LINK is below the 20% range of the daily stochastic. Chainlink is in a bearish momentum and the coin has also fallen to the oversold region of the market. Buyers are likely to emerge.
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26
What Is the Next Direction for Chainlink (LINK)?
The altcoin is in a downward move. The coin dropped sharply after breaking below the moving averages. Meanwhile, on August 7 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement indicates that the market will fall to level 2.618 Fibonacci extensions or level $19.23.
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