Chainlink Reaches Oversold Region as Buyers Emerge Above $13 Support
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downtrend as buyers emerge above $13 support. The cryptocurrency has fallen to the low of $12.98 at the time of writing. As bears break below the previous low, the market is expected to revisit the low of $12.44 price level. Meanwhile, the altcoin has fallen to the oversold region of the market. A further downward move is not likely. Meanwhile, on April 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the LINK price will fall to level 1.272 Fibonacci extension or $12.95. From the price action, the market has fallen below the level 1.272 Fibonacci extension.
Chainlink (LINK) Indicator Analysis
Chainlink price bars are below the moving averages as the crypto continues to fall to the downside. Chainlink has fallen to level 34 of the Relative Strength Index for period 14. This indicates that the market is approaching the oversold region of the market. The altcoin is below the 20% range of the daily stochastic. It indicates that the current downtrend has reached bearish exhaustion.
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)?
Chainlink has broken below the previous low as buyers emerge above $13 support. Meanwhile, on April 20 downward, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that LINK will fall to level 2.618 Fibonacci extension or $13.69. From the price action, the market has reached the low of $12.84 and pulled back.
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