Chainlink Rebounds but Faces Rejection at $7.70
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has broken through above the moving average lines but faces rejection at $7.70. The asset’s value in cryptocurrencies has risen to $7.71, which is an overbought level. As buyers were unable to maintain the bullish momentum, the price of LINK fell sharply. The moving average lines have been surpassed by the altcoin. The uptrend will resume if the price stays above the 50-day moving average line. The altcoin will resume its downward trend if it drops below the moving average lines. On March 14’s uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that the price of the LINK will rise to level 2.618 Fibonacci extension is $8.88.
Chainlink (LINK) Indicator Analysis
The altcoin is correcting upward as it approaches the Relative Strength Index level 51 for period 14. Supply and demand are now in perfect harmony. Price bars are moving in a bearish momentum below the daily Stochastic level of 40, which indicates that the Chainlink may move in a range-bound manner.
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)?
The moving average lines have been retraced above by Chainlink as it faces rejection at $7.70. If the current support persists, the upward trend will resume. The LINK price is currently positioned above the moving average lines. As soon as the bearish trend reverses, the market will increase.
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