Chainlink Reaches Bearish Exhaustion but May Reverse at the $6.54 Low

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price is currently trading in the bearish trend zone but may reverse at the $6.54 low. At a high of $7.80, the cryptocurrency soared to an overbought area. In the overbought area, sellers appeared to drive prices down. If the $8.00 resistance level is broken, Chainlink would have resumed its bullish trend. The market is overbought at the $8.00 resistance level. The failure of purchasers to break through the resistance region resulted in the decline. The value of the digital asset would have increased to $9.48 had the current resistance been broken. Today. At the time of writing, LINK was down to $6.69. As the altcoin approaches the oversold area, the selling pressure may ease.

Chainlink (LINK) Indicator Analysis
The Relative Strength Index level for period 14 is 46. It is in the downtrend zone and could continue to fall. A probable decrease is indicated by the crypto’s price being below the moving average line. LINK is below level 40 of the daily Stochastic on the 4-hour chart. It suggests that the market is approaching the oversold area and that it is trending in a bearish manner.

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)?
Chainlink is trading in an oversold region of the market but may reverse at the $6.54 low. The present falling trend has achieved bearish exhaustion. The altcoin will further slide to $6.54 before reversing as the market reaches the oversold region. Buyers will be attracted to the oversold region

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