Chainlink (LINK) Risks Deeper Correction, Unable to Break Recent High
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Chainlink (LINK) Long-Term Analysis: Bullish
Following September 7, bearish impulse, Chainlink’s (LINK) price has resumed a downward correction. The altcoin is fluctuating between levels $25 and $30.50. The bulls and bears have not made a strong indication to break the range-bound levels as price fluctuates in the middle of the range-bound zone. The current uptrend was repelled at the 50-day SMA. If buyers breach the resistance at level $30, the market will rally above $35 high. The bullish momentum is likely to continue on the upside. However, if the LINK faces rejection at the recent high, Chainlink will fall and find support above $30 support.
Chainlink (LINK) Indicator Analysis
LINK price is at level 51 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The LINK is below the 80% range of the daily stochastic. . Sellers have emerged to push prices down.
Technical indicators:
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26
What Is the Next Direction for Chainlink (LINK)?
Chainlink is range-bound as price fluctuates between levels $25 and $30.50. The crypto is confined in a range but will trend when the range-bound levels are breached. Chainlink is in an upward move as the price breaks above the $31.73 high. Presently, the market is declining and approaching the lower price range, if price breaks below the support, LINK will reach the low of $18.
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