Chainlink Turns from $8 High as It Targets Below $5.50
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Chainlink (LINK) Long-Term Analysis: Bearish
In the last bearish impulse, Chainlink’s (LINK) price slumped to the previous low as it targets below $5.50. Thereafter, the cryptocurrency resumes upward correction to reach the high of $7.98. The uptrend was terminated at the $8.00 resistance zone. On the upside, if the bulls had broken above the $8 resistance, the altcoin will rally to the high of $12. Today, LINK’s price is falling to the lower price range. The cryptocurrency will be compelled to a range-bound move between $5.50 and $8.00 if the altcoin falls and finds support above $5.50. Nevertheless, the downtrend will resume if price breaks below the $5.50 support
Chainlink (LINK) Indicator Analysis
Chainlink is at level 31 of the Relative Strength Index for period 14. The altcoin is trading in the oversold region of the market. Buyers will emerge to take control of prices. Chainlink is below the 20% range of the daily stochastic. It indicates that selling pressure has reached bearish exhaustion.
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 trading above the current support as it it targets below $5.50. The upward move has been hindered at the $8 resistance zone. The crypto is in a downward move. Meanwhile, on a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level on March 28. The retracement indicates that LINK will fall to level 1.618 Fibonacci extension or $2.71.
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