Chainlink Drifts Lower as It Faces Further Rejection at $14.70

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has fallen below the moving average lines as it faces further rejection at $14.70. The cryptocurrency fell above the $13.94 support level as bulls bought dips. Buyers are seeking to re-establish the cryptocurrency above the moving average lines. The rising trend is being met with resistance at the high of $14.70. In recent price activity, the market has been swinging between $13.90 and $17.00.

Moving average lines have restrained the upward movement. If the most recent high is rejected, LINK’s price will plummet to $13. It is unlikely that the cryptocurrency will continue to rise. The altcoin will trade above the $13 support level and below the moving average lines. The altcoin will drop to a low of $11.50 if it loses its present $13.00 support level.

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 cryptocurrency may continue to tumble because the price bars are below the moving average lines. The coin is correcting upward, and if it is rejected at the recent high, the drop will resume. The moving average lines are drifting lower due to the recent decline.

What Is the Next Direction for Chainlink (LINK)?
Chainlink has entered the bearish trend zone as it faces further rejection at $14.70. The rising movement has been halted below the resistance level of $14.70. The price of the altcoin is currently between $13.60 and $14.70. When these levels are breached, the cryptocurrency will trend.

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