Chainlink Slumps as Buyers Defend the $7.00 Support
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) price is in a downtrend as buyers defend the $7.00 support. LINK price is yet to break below the 21-day line SMA. On the downside, if the bears break below the 21-day line SMA, LINK price will decline to the lows of $6.20 and $6.57 price levels. However, if the 21-day line SMA support holds, the altcoin will commence the resumption of a sideways trend. That is, Chainlink will be trading between the moving average lines. Meanwhile, Chainlink is trading at $7.01 at the time of writing.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 48 of the Relative Strength Index for period 14. The altcoin is in the downtrend zone because of the recent decline. LINK’s price bars are between the moving average lines which indicate a possible range-bound move. The altcoin is below the 50% range of the daily stochastic. It indicates that Chainlink is in a bearish momentum.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink is in a downward move as buyers defend the $7.00 support. The selling pressure has subsided as the crypto consolidates above the current support. Meanwhile, on a weekly chart, a retraced candle body tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that LINK will fall to level 1.272 Fibonacci extension or $6.86.
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