Chainlink Holds Above $13 Support, Unable to Break $19 High
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downward correction but unable to break $19 high. Yesterday, the cryptocurrency fell to the low of $12.60 but pulled back. Today, Chainlink is trading above the $13 support. Since January 24, buyers have consistently defended the $13 support but failed to break above the moving averages. The altcoin is facing rejection at the $19 high. It will decline if it faces rejection at the moving averages.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 42 of the Relative Strength Index Period 14. The recent upward move has pushed the altcoin upward but it is in the downtrend zone and below the centerline 50. The crypto’s price is below the moving averages indicating a possible fall. Chainlink is below the 20% range of the daily stochastic. Buyers are likely to emerge in the oversold region to push prices upward. 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 in a downtrend but unable to break $19 high. The cryptocurrency is likely to revisit the lows of $11 and $9 price levels. 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 $10.27.
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