Chainlink Retests Key Support at $5.77 as It Bounces Upward
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Chainlink (LINK) Long-Term Analysis: Bearish
The price of Chainlink (LINK) has descended beneath the moving average lines as it bounces upward. The cryptocurrency asset is once again at the $5.77 level that serves as its current support. Since November 9, Chainlink has been trading in a range between levels $5.50 and $8.00.
The altcoin hit a low of $5.78 on November 16 before beginning to consolidate above it. The price has been consolidating for the past week, and a small group of Doji candlesticks, which are known for their ambiguity, have started to appear. If Chainlink bounces back, it will cross over the moving average lines and retest its $8.00 high. Below the current support, there won’t likely be much more selling pressure. .
Chainlink (LINK) Indicator Analysis
Chainlink’s Relative Strength Index for period 14 is 37. It suggests that the price of the cryptocurrency is falling and may do so in the future. The current decline is brought on by the price bars being below the moving average lines. The daily Stochastic level of 20 is currently being traded below by Chainlink’s price. It implies that the market has already been sold too low. Additional sales are not likely.
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)?
Above the $5.77 level that serves as the current support, Chainlink is presently consolidating as it bounces upward. The Fibonacci tool analysis will hold if the price drops below the existing support. The price indicator predicts that LINK will cost $3.88 in the future.
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