Chainlink (LINK) Revisits $15.05 Support as Sellers Threaten to Short

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has fallen to the low of $15.41 on three occasions. LINK price is fluctuating above the current support. The market will correct upward if the current support holds. Otherwise, the selling pressure will resume as prices reach the low of $12. Meanwhile, on June 12 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK is likely to fall to level 1.618 Fibonacci extension or level $12.58. According to the Fibonacci tool, Chainlink is likely to further decline to $12.

Chainlink (LINK) Indicator Analysis
LINK is at level 34 of the Relative Strength Index period 14. Chainlink is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend. However, the daily stochastic indicates that the LINK price is below the 20% range of the daily stochastic. The crypto has fallen to the oversold region of the market. The selling pressure is likely to subside.

Technical indicators:
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26

What Is the Next Direction for Chainlink (LINK)?
Chainlink is in a downward move. On the 4 –hour chart, the market is consolidating above the $15 support. Meanwhile, on June 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK is likely to fall to level 1.618 Fibonacci extension or level $14.48.

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