Chainlink Consolidates Above $9.00 as It Remains Inside Its Range
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is in a sideways trend as it remains inside its range. On August 5, bulls bought dips and started fluctuating above the $9.00 support but below the moving average lines. The drop has paused above the $9.00 support level. On the downside, if the bears break below the current support, the altcoin would retest its prior low of $8.08. Nonetheless, the bearish trend could extend to the forecasted price level of the 1.618 Fibonacci extension, or $5.38.
On the upside, if buyers keep the price above the moving average lines, the altcoin will start a positive trend. The LINK price is currently at $10.19.
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 the daily chart, the moving average lines are close to the price bars, but the cryptocurrency price remains below them. The creation of Doji candlesticks has kept the cryptocurrency’s price stable. If the price rises above the 21-day SMA, the altcoin will increase in value. Likewise, selling pressure will begin when the price falls below the existing support.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s pricing has remained above $9.00 as it remains inside its range. The altcoin has remained range-bound for the past week as buyers and sellers disagree on the market’s direction. On the downside, the altcoin faces more loss following the latest pullback. The crypto signal is bearish in the long run.
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