Chainlink Falls Significantly as It Rebounds Above $10.66
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downtrend as it rebounds above $10.66 . The cryptocurrency has fallen to the oversold region of the market. The current downtrend is likely to subside as it reaches the oversold region of the market. Since April 30, the altcoin has been fluctuating above the $10.66 support. The market will resume an uptrend if the current support holds. Chainlink will rise and revisit the previous highs of $14 and $18 price levels. On the downside, further downward movement of prices is unlikely as the market reaches the oversold region.
Chainlink (LINK) Indicator Analysis
Chainlink has fallen to level 30 of the Relative Strength Index for period 14. The cryptocurrency has fallen to the oversold region of the market. Further selling is unlikely. Similarly, the altcoin is below the 20% range of the daily stochastic. It indicates that Chainlink has reached the oversold region. Buyers are likely to emerge in the oversold region.
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 has fallen significantly to the downside as it rebounds above $10.66. The altcoin is consolidating above the current support. Meanwhile, on April 26 downward, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK will fall to level 1.618 Fibonacci extension or $11.39. From the price action, the market has fallen below the level 1.618 Fibonacci extension and pulled back.
You can purchase crypto coins here. Buy LBlock
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
