Chainlink’s Price Corrects Higher but Pauses Above $18
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has fallen below the moving average lines but pauses above $18. The altcoin declined below the moving average lines. On March 19, the LINK price surpassed the $16 support level as bulls purchased the dips. This is the second time the altcoin will test its existing support of $16. In the first case, the altcoin fell sharply above the $16 support and quickly reversed.
The altcoin reached its top price of $22.83. Today, the LINK price is rising, but it has stuck near the $19 resistance zone. The arrival of the Doji candlestick slowed the rising momentum. The upward movement is hampered by the resistance at $19 and the moving average lines. The cryptocurrency asset will trade above the $16 support level but below the moving average lines.
On the downside, if the bears break below the current level, the market would fall further above the $14.61 support.
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 price bars are below the moving average lines, but the slide has slowed above the present support. On the 4-hour chart, the price bars are positioned between the moving average lines. In addition, Doji candlesticks dominate the price bars, limiting price movement.
What Is the Next Direction for Chainlink (LINK)?
Chainlink is trading in a range below the moving average lines but pauses above $18. The altcoin is now trading between $16 and $19. The cryptocurrency’s price has surged above the $18 support and is now oscillating below its recent peak. The price movement has been limited due to the existence of Doji candlesticks. The crypto signal has been range-bound as the altcoin consolidates above its current support.
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