Chainlink Reaches Bearish Exhaustion, Altcoin Consolidates above $15

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has resumed selling pressure as the altcoin consolidates above $15. For the past 48 hours, Chainlink has been fluctuating above the $15 support. The $15 support is the previous low of the December 4 price slump. LINK price has been retesting the current support to break below it. If the cryptocurrency loses the current support, the market will decline to the low of $11. Nonetheless, if the current support holds, LINK/USD will be compelled to a range-bound move between $15.00 and $22.50.

Chainlink (LINK) Indicator Analysis
The crypto is at level 26 of the Relative Strength Index Period 14. The altcoin has reached the oversold region of the market. The downtrend is likely to subside. In other words, the selling pressure has reached bearish exhaustion. Chainlink is below the 20% range of the daily stochastic. The market is now in the oversold region. The crypto’s price is below the moving averages indicating a possible fall.

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)?
On the 4-hour chart, Chainlink is in a downward move as altcoin consolidates above $15. The crypto’s price is hovering above the $15 support. Meanwhile, on December 14 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LINK will fall to level 1.272 Fibonacci extension or $11.47 low.

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