Chainlink Is in Decline but Challenges the $7.50 High
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is declining below the moving average lines but challenges the $7.50 high. The cryptocurrency is falling after another rejection at the $7.50 high. As of the time of writing, Chainlink is trading at $7.13. On April 26, the price of LINK dropped to a low of $6.72 before regaining the support level of $7.00. Since March 27, buyers have defended the $6.40 support. On April 26, the candlestick had a long tail after drawing back. The extended candlestick tail may indicate strong buying pressure at lower price levels. On the negative side, an additional drop is unlikely because the market was oversold earlier.
Chainlink (LINK) Indicator Analysis
On the Relative Strength Index for period 14, Chainlink is at level 45. The altcoin has reached the bearish trend zone. The cryptocurrency is likely to continue to fall. The moving average lines are below the price bars, which suggests a potential fall. The altcoin is currently in a positive trend above the daily Stochastic level of 50.
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)?
The price of Chainlink has experienced bearish fatigue as it challenges the $7.50 high. The currency is currently undergoing an upward correction as it approaches the moving average lines. The crypto asset will be compelled to move in a range while it is between the moving average lines.
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