Chainlink Upward Correction Is Stuck below $18, May Continue Sideways Move

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downward correction but may continue sideways move. The upward correction was resisted at the $18 high. Meanwhile, since January 22, Chainlink has been trading in a tight range between $15 and $17 price levels. . Chainlink will tend to rise if price breaks above the $17 resistance. On the other hand, if the bears break below the current support, the market will decline to $13 low. However, a further downward move is doubtful as price was earlier in an oversold region. Chainlink is trading at $17.14 as of press time.

Chainlink (LINK) Indicator Analysis
The crypto is at level 39 of the Relative Strength Index Period 14. Chainlink is still in the bearish trend zone and below the centerline 50. The crypto has a bearish crossover. That is, the 21-day SMA crosses below the 50-day SMA indicating a sell order. Chainlink is above the 25% range of the daily stochastic. The daily stochastic bands are sloping downward indicating a possible fall.

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 price is still is in a downward correction but may continue sideways move. The altcoin has been confined to trade between $15 and $17 price levels. Meanwhile, on December 14 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LINK will fall to level 1.272 Fibonacci extension or $12.13 low.

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