Chainlink Halts Slide Above $12.75 But Remains Range-bound
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has slipped to the bearish trend zone but remains range-bound. The crypto has been recovering from its prior downturn. The altcoin rallied to a high of $22.83 before falling to a low of $11.96. Bulls bought the dips, halting the slide above the $12.75 support. The selling pressure has decreased over the past week and above the current $12.75 support level.
The altcoin is trading in a narrow range between $12.75 and the moving average lines, which serve as resistance at $16. Currently, the rising trend is encountering resistance at the moving average lines. If the LINK price is rejected at the recent high, it will continue to trade below the moving average lines. On the other side, the altcoin will resume a bullish trend if buyers keep the price above the moving average lines. Chainlink will return to the prior high of $22.83.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
Given the current price rally, LINK price bars are now above the moving average lines on the 4-hour chart. The altcoin’s surge was short-lived since it was rejected at its peak of $16. Furthermore, it is still limited to the range below the moving average lines.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price has recovered from its recent fall but remains range-bound. The 4-hour chart shows that it is consolidating above the $12.80 support but below the $16.00 resistance level. The bulls bought declines from the previous low, but they found support at $12.75. The altcoin has surged but failed to break over the $16 resistance level.
The altcoin will be compelled to move in a range below its recent high. In other words, the crypto signal will remain range-bound as the altcoin declines and consolidates.
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