Chainlink Trades in a Narrow Range as Bears Threaten To Short below $5.50
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Chainlink (LINK) Long-Term Analysis: Ranging
Chainlink’s (LINK) selling pressure has subsided as bears threaten to short below $5.50. The cryptocurrency is trading below the moving average lines. Since June 15, the 21-day line SMA has restrained the upward movement of the cryptocurrency. The altcoin will resume upward if it rebounds above the current support. This will propel it to rally above the moving average lines. The bullish momentum will extend to the high of $10. Nonetheless, the current support has been defended by the bulls. The long candlestick tails show strong buying at lower levels. However, if the bears break the current support, the market will decline to the previous low at $5.31.
Chainlink (LINK) Indicator Analysis
The altcoin is at level 44 of the Relative Strength Index for period 14. It indicates that it is in the downtrend zone but will continue its range-bound move. LINK’s price bars are below the moving average lines indicating a price decline. LINK is above the 25% area of the daily stochastic. The bullish momentum has been unstable.
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)?
LINK/USD is in a sideways move as bears threaten to short below $5.50. In the meantime, Chainlink is fluctuating between $5.50 and $7.50 price levels. A break below these levels will cause the altcoin to trend.
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