Chainlink’s Bearish Momentum Subsides as It Holds above $6.00

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) price has plummeted and reached bearish exhaustion as it holds above $6.00 . The price indicator predicts that the crypto asset will decrease and hit a low of $5.52. Despite this, the cryptocurrency fell to a low of $5.63 on August 17 as bulls bought dips. The recent retracement is above the prior low of $6.00. At the time of writing, the altcoin is worth $6.20.

The drop has slowed in the last 48 hours as the altcoin consolidates above the present support. On the negative side, the market has hit oversold territory. Furthermore, the lengthy candlestick implies heavy purchasing at lower price levels. If the current support level is breached, the crypto asset will fall.

The current support, on the other hand, must hold for the bullish trend to restart.

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

Chainlink (LINK) Indicator Analysis
The recent fall has reached Relative Strength Index level 31 for period 14. The altcoin is entering the market’s oversold zone. It is correcting upward and is above the daily Stochastic threshold of 50. The altcoin’s upward momentum has paused as it consolidates above the present support.

What Is the Next Direction for Chainlink (LINK)?
Chainlink’s negative run has ended as it holds above $6.00. Meanwhile, the altcoin is trading between $5.63 and $6.30 per coin. When the current price levels are breached, the altcoin’s positive momentum will be restored. Doji candlesticks, which are prompted by trader reluctance, dominate the cryptocurrency price.

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