Chainlink Declines to an Oversold Region as It Holds above $6.52
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Chainlink (LINK) price is in a downtrend as it holds above $6.52. The altcoin is attempting to revisit the previous low of $6.23. Since the August 19 price slump, Chainlink has been confined to trade between $6.23 and $8.00 price levels. On the upside, if the altcoin rises and breaks the resistance at $8, Chainlink will rise and revisit the previous high of $9.50. On the downside, the coin has declined to the low of $6.51 and pulled back. The market has fallen to the oversold region. Further selling pressure is unlikely.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 41 of the Relative Strength Index for period 14. The market is in the bearish trend zone and may further decline. The price bars are below the moving average lines which indicates a further decline. The altcoin is below the 20% range of the daily stochastic. Chainlink has fallen to the oversold region of the market. The downtrend has reached bearish exhaustion.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink is in a downward move as it holds above $6.52. Meanwhile on August 19 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level . The retracement suggests that LINK will fall to level 1.272 Fibonacci extension or $6.71. From the price action, Chainlink has fallen to the low of $6.51 and pulled back.
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