Chainlink’s Price Stalls Above $17.66 as It Moves Within Its Range
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has fallen below the moving average lines, although the decrease has slowed as it moves within its range. The altcoin’s rising trend ended when it reached resistance at $22.83. The cryptocurrency is now trading in a range following its drop to a low of $16.58 on March 5, 2024. The altcoin is now trading in a band of $17 to $22. Chainlink is now worth $17.61 as of this writing.
The present support hasn’t been broken since March 5, 2024. The cryptocurrency price is hovering above the lower price range. If the current support is breached, the price would fall further lower, to $13.40.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
Following the current downturn, the price bars have dropped below the moving average lines. The moving average lines are trending downwards, indicating a negative trend. The altcoin shows a bearish crossover, with the 21-day SMA crossing below the 50-day SMA. This allows traders to make short deals.
What Is the Next Direction for Chainlink (LINK)?
Chainlink is declining below the moving average lines but moves within its range. The altcoin trades between $17 and $22. Today’s selling pressure has pushed above the $17.39 support. As long as the altcoin continues above the $17 support level, the crypto signal will be required to move in a specific range.
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