Chainlink Reaches the Bottom Price at $5.77 as Buyers Emerge
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) price declines as it reaches the bottom price at $5.77. The decline has been accelerated as price broke below the moving average lines. The price of the coin is currently falling in an oversold area of the market. The fall was caused by buyers’ inability to cross the resistance region. The cryptocurrency is expected to revisit the previous low at $5.77. Further decline is unlikely, though, as the market has entered oversold territory. A break below the $5.77 support will sink LINK to the $3.81 low.
Chainlink (LINK) Indicator Analysis
For period 14, Chainlink’s Relative Strength Index level is 41. The altcoin is in a downtrend zone and is prone to further decline. The daily Stochastic is below level 20. It implies that the market’s oversold region has been reached. The current dip will shortly cease.
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 has retraced above the bottom price at $5.77 as buyers emerge. The LINK price will decrease further if sellers breach the $5.77 support. On November 9, amid the downturn, the price of LINK turned upward, and a candle body tested the 61.8% Fibonacci retracement level. The correction predicts that LINK will fall to level 1.618 of the Fibonacci extension, or $3.81. However, the altcoin will resume upward if the current support holds.
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