Chainlink Experiences a Second Rejection as It Hovers Above $18
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has fallen below the moving average lines as it hovers above $18. The recent rise ended when the altcoin dipped below the moving average lines twice. On March 11, the LINK price rose to a high of $22.83 before falling to a low of $16.30. Bulls purchased the dips as the altcoin rose to a high of $20.72. Chainlink has plummeted again to a low of $18.95 as of this writing.
The crypto asset will drop even lower to its previous low when it encounters its second rejection. On the downside, the altcoin will drop to its prior lows of $18.03 and $16.30. If the present support at $18 holds, the crypto asset will move in a range of $18 to $22.
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 are still above the $18 support even if they are below the moving average lines. Further retracement of the coin is possible. The moving average lines are sloping upwards, indicating the previous trend. On the 4-hour chart, the moving average lines are sloping downward, indicating a current downtrend.
What Is the Next Direction for Chainlink (LINK)?
Chainlink is range-bound as it hovers above $18. If the current support of around $18 is breached, the altcoin will retrace to its prior low of $16.30. In other words, Chainlink will trade at a price range of $16.30 to $22. The crypto signal will be range-bound as it falls below the moving average lines.
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