Chainlink’s Surge Is Over as It Risks Decline To $5.56
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price reaches the overbought area as it risks decline to $5.56. The cryptocurrency was able to try again to reach the previous high of $8.44 but failed. The current surge is over because the price of the coin fell below the 21-day SMA. The current slump is probably going to get worse.
LINK/USD price corrected upward following the price decline of October 4 and the candle body tested the 61.8% Fibonacci retracement level. According to the correction, the EUR/JPY will drop to the level of the 1.618 Fibonacci extension, or $6.52. The cryptocurrency will decline, despite being stopped between the moving average lines.
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 altcoin dipped below the 21-day SMA but rose above the 50-day SMA, which will cause it to oscillate between the moving average lines. Despite the decline, the coin is trading in the bullish trend zone and the moving average lines are sloping upward, reflecting the previous trend.
What Is the Next Direction for Chainlink (LINK)?
Chainlink has started pushing the sell button again as it risks decline to $5.56. The cryptocurrency traded and moved into the overbought area of the market. The bearish momentum is anticipated to hit a low of $6.56 before prices stabilize. The alternative currency is currently entrapped within the moving average lines.
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