Chainlink’s Price Stays Constant As It Holds Above $13
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Chainlink (LINK) Long-Term Analysis: Ranging
Chainlink’s (LINK) price has gone below its moving average lines in a horizontal trend as it holds above $13. Since the end of the uptrend on November 11, 2023, a horizontal trend has been in effect. The altcoin has been trading in the $13 to $17 price range. LINK’s price is dropping as it approaches the lower pricing bracket. The altcoin is now trading at $13.86 at the time of writing.
Candlestick tails are pointing in the direction of the current support. It shows strong buying pressure at the present support level of $13. If the altcoin declines and remains above the present support, the sideways trend will continue. The sideways trend will be broken if the bears go below the existing support. The market will fall to a low of $11.
Meanwhile, the present support near $13 is holding as the cryptocurrency begins its upward 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 fall below the horizontal moving average lines. The altcoin has dropped but has remained above the current $13 support level. Price movement has always been constrained by the presence of Doji candlesticks. The altcoin may fall when the market enters the overbought region.
What Is the Next Direction for Chainlink (LINK)?
Chainlink has been range-bound for the last two months as it holds above $13. The crypto signals have been steady between the $13 and $17 price levels. Traders are expected to place a short order whenever the price reaches the $17 resistance. The short order should be closed at a lower price point. Similarly, a long order can be placed near the present support level of $13. The long order may then be closed at the upper price range.
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