Chainlink Shows Bearish Fatigue as It Attempts to Reverse at $6.20

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) faces rejection of the 21-day SMA as it attempts to reverse at $6.20. The cryptocurrency’s value is decreasing as it approaches its previous low of $6.23. The bears have three times retested the current support. On the other hand, the bulls failed twice in their attempts to breach the 21-day SMA. As a result, the cost of LINK has fluctuated between $6.20 and $6.80. The price indicator predicted that the price will keep falling, but also that the coin would turn around. Alternatively, Chainlink will fall to $6.20, or Fibonacci extension level 1.272.

Chainlink (LINK) Indicator Analysis
Chainlink is being rejected at its most recent high, level 44 on the 14-period Relative Strength Index. The coin has more room to fall when it is in the bearish trend zone. The price bars are below the moving average lines, which implies a potential decline. The crypto asset market is already oversold. This indicates that buyers who are about to leave the oversold section of the market will be accommodated by sellers. The sales pressure will abate.

Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00


What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price has reached bearish exhaustion as it attempts to reverse at $6.20. The long candlesticks at the current price levels show strong buying. The altcoin may revert if it rises beyond the current support. No more decline is anticipated as the price of the coin reaches the oversold region.

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