Chainlink Recovers from Downtrend As It Revisits The $6.23 Low
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Chainlink (LINK) Long-Term Analysis: Ranging
Chainlink (LINK) price is in a downtrend as it revisits the $6.23 low. The altcoin is rising as buyers attempt to keep the price above the moving average lines. The altcoin has been trading in a tight range between the $6.70 and $8.00 price levels. On the upside, if buyers break above the moving average lines, the coin will revisit the resistance at $8.00. Chainlink will reach the $9.50 overhead resistance if buyers breach the resistance at $8.00. However, if the bullish scenario is invalidated, the altcoin will continue to trade between the $6.70 and $8.00 price levels.
Chainlink (LINK) Indicator Analysis
LINK is rising as it is at level 41 of the Relative Strength Index for period 14. The altcoin will reach the uptrend zone if it breaks above the moving average lines. Chainlink is in a bullish momentum as it is above the 70% range of the daily Stochastic. The price bars are in the bearish trend zone and the altcoin is capable of further decline.
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 struggles below the moving average lines as it revisits the $6.23 low. Since October 14, the altcoin has been trading above the $6.79 support. The altcoin will decline above the current support if it faces rejection at the recent high.
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