Chainlink Is in a Downtrend as the Altcoin Risks Further Decline to $11
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downward correction as it risks further decline to $11 . For the past week, the altcoin has been consolidating above the current support. Following the recent breakdown, the selling pressure subsided as Chainlink resumed a sideways move. The altcoin has been fluctuating above the $13 support but an upward move has been restricted below the $15 high. The altcoin is trading in a tight range between $13.50 and $14.26 price levels. On the downside, if the bears break the current support, Chainlink will decline to the low of $11. On the upside, if the LINK price rebounds above the current support, the altcoin will rally above the moving averages. The bullish momentum will extend to reach the high of $18. Meanwhile, the bears are attempting to break the current support as the market reaches the low of $13.30.
Chainlink (LINK) Indicator Analysis
Chainlink price bars are below the moving averages indicating a possible fall of the cryptocurrency. Chainlink has fallen to level 36 of the Relative Strength Index for period 14. The altcoin is below the 20% range of the daily stochastic. The price indicator has indicated that Chainlink has reached the oversold region of the market.
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 continued its downward move as it risks further decline to $11. The altcoin is falling as it reached the low of $13.29. It has fallen to the oversold region of the market. Meanwhile, on April 7 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 $13.69.
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