Chainlink Falls As It Confronts New Restrictions At $6.05

Chainlink (LINK) Long-Term Analysis: Ranging
Chainlink (LINK) is trading sideways as it confronts new restrictions at $6.05 . The cryptocurrency was forced to restart its range-bound movement between $5.80 and $6.40 price levels. The resistance at $6.40 has already restricted previous price movements. The price at $6.05. is currently limiting further upward movement.

In other words, Chainlink is currently trading between $5.80 and $6.05. The altcoin is currently trading in a narrow range. The altcoin is trading around the market’s oversold area. The extended candlestick shows strong support at lower price levels.

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 crypto asset has risen to level 33 of the Relative Strength Index for period 14. The price bars are below the moving average lines, but the cryptocurrency’s further slide is unlikely. The presence of candlesticks has restrained the price movement. The coin is in a bullish momentum above the daily Stochastic threshold of 50.

What Is the Next Direction for Chainlink (LINK)?
Chainlink is still trading in a narrow range as it confronts new restrictions at $6.05 . Today, the altcoin is rising, but it is finding it difficult to break through at the recent high. Since August 25, the bulls have been denied twice at the most recent high. If the current resistance is not overcome, the altcoin may fall considerably more. A price increase, on the other hand, will propel the cryptocurrency to new highs.

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