Chainlink Revisits the $13.51 Low as It Recoups above Key Support
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has fallen below the moving average lines as it recoups above key support. Today, the altcoin has dropped to a low of $14.69 and may further decline. Previously, the altcoin traded in a range between the $17 breakout level and the $22 pricing level. The bears shattered the $17 support, extending their drop to a low of $13.69, but bulls purchased the dips.
The present fall has reached bearish exhaustion. Since November 17, 2023, the bearish trend has reversed above the $13 support. The altcoin is currently hovering above the $14 support level, indicating a potential reversal of the trend.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
The price bars have dropped significantly below the moving average lines. The decline has achieved bearish fatigue, with the cryptocurrency’s price paused above the current support of $14. The extended candlestick tail on April 12 implies strong buying above the $13 support level.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price has dropped to its prior low of January 25, 2024 as it recoups above key support. On January 25, 2024, the altcoin plummeted to a low of $13.51 as bulls purchased the dips. The altcoin rebounded and reached a high of $22.83. Today, the altcoin has returned to its historical price level. Currently, the altcoin is consolidating above the $14 support.
If the current support level is maintained, the crypto signal will be positive.
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