Chainlink Is Deeply Oversold as It May Further Decline to $8.36
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a downtrend as it further decline to $8.36. The bears have broken below the April 30 support at $10.66. On May 4, LINK’s price made an upward correction to the high of $12.21 which was repelled. The bulls could not sustain the bullish momentum above the $12 resistance, hence the selling pressure. The altcoin is likely to further decline to the low of $8.60.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 28 of the Relative Strength Index for period 14. The altcoin has reached bearish exhaustion. Further downward move of the altcoin is not likely. Also, the altcoin is below the 20% range of the daily stochastic. The market has reached the oversold region. Buyers are likely to emerge in the oversold region.
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 has fallen after breaking below the $10.66 support as it further decline to $8.36. The largest altcoin has been deeply oversold . Meanwhile, on April 30 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK will fall to level 1.618 Fibonacci extension or $8.36. From the price action, the altcoin has fallen to the low of $10.02 as bulls bought the dips.
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