Chainlink Reaches Exhaustion and Attempts to Reverse at $6.25
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) price is falling as it reaches exhaustion and attempts to reverse at $6.25. The price of LINK has remained constant above the $6.20 support since it dropped on May 11. As the altcoin consolidates above the existing support, the price movement has stopped. However, the price indication has pointed to bearish exhaustion and a potential crypto reversal. Chainlink produced an upward corrective during the April 26 decline, and a candle body tested the 78.6% Fibonacci retracement level. According to the correction, LINK will drop but will turn around at the level of the 1.272 Fibonacci extension, or $6.25. According to the price movement, the cryptocurrency’s price has continued its ascent after testing the level of the 1.272 Fibonacci extension.
Chainlink (LINK) Indicator Analysis
Chainlink is in an upward correction at level 41 of the Relative Strength Index for period 14. As it is in the bearish trend zone, the coin could decrease. The altcoin is falling since the price bars are below the moving average lines. It is currently in a positive momentum above the daily Stochastic threshold of 70. The increase will end quickly when the coin moves closer to the overbought area.
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 experiences bearish fatigue as it reaches exhaustion and attempts to reverse at $6.25. The cryptocurrency is continuing to consolidate above the present support. The LINK price is caught between the moving average lines on the 4-hour chart. It will probably be compelled to make a move that is limited to the region in between the moving average lines.
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