Chainlink Declines to the Previous Low at $13, an Upward Resumption Is Likely
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downward correction but an upward resumption is likely. On February 24, the bears broke the previous low at $13 but the bulls bought the dips. On February 24, the market declined to an oversold region at the low of $11. Buyers emerged and pushed the altcoin above the previous low at $13. Chainlink is likely to hold above the support. The $13 historical price level has been holding since July 21, 2021. Chainlink is trading at $13.54 as of press time.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 39 of the Relative Strength Index Period 14. The altcoin fell to the oversold region as buyers emerge to push prices upward. The crypto’s price is below the 21-day SMA and the 50-day SMA indicating a possibility. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $40.00, $42.00, $44.00
Major Support Levels – $26.00, $24.00, $22.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink is trading at the bottom of the chart but an upward resumption is likely. The market is in a downward correction as it approaches the previous low at $13. Meanwhile, on January 24 downtrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement suggests that LINK will fall to level 1.272 Fibonacci extension or $9.44. From the price action, the altcoin has fallen to the low of $13.57. However, the $13 support has not been broken since July 21, 2021.
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