Chainlink’s Bullish Advance Stalls at $15 and Returns to Its Range
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price returns to its range after breaking above the moving average lines. The value of the cryptocurrency asset has been rising since it reached a low of $11.07 on July 5. The bullish momentum ended after it reached a high of $15.00. Today, the cryptocurrency price has dropped between the moving average lines.
LINK’s price trades above the 21-day SMA support ($13.50) but below the 50-day SMA resistance level ($14.50). Price movement will be determined by the breaking of the moving averages. Chainlink is currently worth $13.86. If the bears breach the 21-day SMA support, the crypto price will fall much more. The altcoin will test its recent low of $12.32.
Technical indicators:
Major Resistance Levels – $20.00, $22.00, $24.00
Major Support Levels – $12.00, $10.00, $8.00
Chainlink (LINK) Indicator Analysis
On July 21, the rise ended when the price bars returned between the moving average lines. Buyers failed to continue bullish momentum above the 50-day SMA, resulting in a fall. Chainlink’s price is trapped between the moving average lines, as the altcoin is expected to fluctuate for a few days.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price returns to its range and is now stuck between the moving average lines. On the 4-hour chart, the altcoin was on an upward correction but was stopped above $15.00. The cryptocurrency price has slipped below the moving average lines, ending the present momentum. The current price range for LINK is $13.30 to $14.50. The crypto signal is range-bound because it is trapped inside a specific range.
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