Chainlink Price Remains the Same as It Hovers Above $5.42
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) falls below the moving average lines as it hovers above $5.42. Following the price decline on December 30, the price movement has remained unchanged. Buyers have been aggressive to hold the price above the moving average lines. On the plus side, Chainlink will increase to its previous high of $8.00 if the price of the cryptocurrency crosses above the moving average lines or the resistance at $6.00. If Chainlink is rejected at the most recent high, the altcoin will fall even more to a low of $3.92 or $4.00. The altcoin has recently reached a high of $5.68.
Chainlink (LINK) Indicator Analysis
For period 14, Chainlink’s Relative Strength Index is 39. Because of the recent upward correction, the RSI has climbed. The moving average lines are above the price bars. If the altcoin is rejected at the moving average lines, it will fall. The cryptocurrency is on a bullish trend above the daily Stochastic threshold of 40.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink is consolidating as it hovers above $5.42.The moving average lines are rejecting the altcoin. If the price breaches the existing support, the selling pressure will pick up again. If the current selling pressure persists, the LINK price will decline to the level 1.618 Fibonacci extension, or $3.86.
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