Chainlink (LINK) Retraces to $26 Support as It Resumes a Fresh Uptrend

Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has broken above the moving averages but the altcoin is facing rejection at the recent high. The crypto retraced and found support above the $26 low. In other words, if the LINK price finds support above the 50-day SMA, the upward move will resume on the upside. However, if the bears break below the 50-day SMA, the selling pressure will continue. The altcoin will resume another round of downward correction.

Chainlink (LINK) Indicator Analysis
LINK price is at level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The crypto’s price is above the 21-day SMA but below the 50-day SMA. The market will resume an uptrend when the crypto’s price bars are above the moving averages. Chainlink has fallen below the 20% range of the daily stochastic. It indicates that the market selling pressure has reached bearish exhaustion.

Technical indicators:
Major Resistance Levels – $40.00, $42.00, $44.00
Major Support Levels – $26.00, $24.00, $22.00

What Is the Next Direction for Chainlink (LINK)?
In the 4 hours, Chainlink is in a downward move. LINK price has broken below the moving averages but found support above $26 low. Meanwhile, on October 3 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK price will fall to level 1.618 Fibonacci extension or level $26.45. From the price action, Chainlink has fallen to the low of $26.15 at the time of writing.

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