Chainlink Fluctuates Between $5.50 And $8 But Faces Rejection At $6.46
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downtrend as it faces rejection at $6.46 . The downtrend has subsided after the May 12 price slump. Since May 12, LINK’s price has been in a sideways move. The crypto’s price fluctuates between $5.50 and $8.00 price levels. For the past week, the cryptocurrency has been declining after a rejection from the high of $7.47. The altcoin fell to the low of $5.93 and resumed upward. The current support has been holding as bulls defend the lower price level. The long candlestick tails indicate that the current support is a strong buying point. A price rebound will push the altcoin to rally above the moving averages. The bullish momentum will extend to the resistance at $9.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 42 of the Relative Strength Index for period 14. It indicates that the altcoin is in the downtrend zone and may further decline to the downside. LINK’s price bars are below the moving averages indicating a possible decline. LINK is above the 25% area of the daily stochastic. LINK price is in a bullish 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)?
Since June 13, Chainlink is in a sideways trend as it faces rejection at $6.46. For over two weeks, the cryptocurrency has been fluctuating between $5.50 and $8.00 price levels. The altcoin will trend when the range-bound levels are breached. Nevertheless, the price action is characterized by small body indecisive candlesticks called Doji.
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