Chainlink’s Price Slides but Pauses above the $18.66 Support
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price is recovering from a previous decline but pauses above the $18.66 support. The altcoin is on an upward trend, having surged to a high of $22.83 before pulling down. The $22 resistance has stopped the increasing momentum. The bulls have an uphill battle as the cryptocurrency continues to return to its earlier high.
On the upside, if the bulls break through the resistance at $22, the altcoin will soar to its previous high of $26.50. However, the altcoin’s upward trend is uncertain because it has fallen below the moving average lines. The bulls delayed the drop above the 50-day SMA. The cryptocurrency price plummeted between the moving average lines. Price movement is now limited to a range.
If the 50-day SMA is breached, LINK’s price will fall much lower, to $16.58. However, if the bulls cross the 21-day SMA, the cryptocurrency will return to its prior high of $22.83. Chainlink was worth $19.36 at the time of writing.
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 21-day and 50-day SMAs have trapped the price bars. When the moving average lines are breached, the LINK price will resume trending. On the 4-hour chart, the price bars are below the moving average lines, indicating the current trend. The slide has slowed above the $18.66 support. The extended candlestick tails signal significant buying pressure above the present support.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price is caught between two moving average lines but pauses above the $18.66 support. On the 4-hour chart, the altcoin is trading sideways between $18.80 and $22. The altcoin is recovering above the $18 support level. The crypto signal is unfavorable, as the altcoin trades in a bearish trend zone.
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