Chainlink Reaches Bearish Exhaustion as It Holds Above $6.80
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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) price is falling below the moving average lines as it holds above $6.80 support. The crypto asset has been fluctuating slightly since April 21. It has fluctuated between $6.80 and $7.50. Doji candlestick patterns have been used to describe the price movement. Three times the bears have tried to break the existing support but have failed. If the present support is broken, Chainlink will fall to the next support at $6.00. If the price of the cryptocurrency asset rises above the moving average lines, bullish momentum will return.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00
Chainlink (LINK) Indicator Analysis
Chainlink is at level 46 on the Relative Strength Index for period 14. The price movement has remained unchanged, and the RSI has not changed. The price bars are lower than the moving average lines, indicating that the price of the cryptocurrency is still falling. The bullish momentum has slowed above the daily Stochastic threshold of 50.
What Is the Next Direction for Chainlink (LINK)?
The price of Chainlink is beginning to exhibit indications of bearish fatigue as it holds above $6.80 support. As the currency approaches the moving average lines, it is currently correcting upward on the lower time frame The crypto asset will be compelled to move in a range as the current support holds.
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