Chainlink Regains Momentum but Is Still Trading below $5.80

Chainlink (LINK) Long-Term Analysis: Bearish
The price of Chainlink (LINK) has increased but is still trading below $5.80. The altcoin commenced consolidation above the $5.00 support after the price drop on June 10. On June 20, the altcoin rebounded and passed the 21-day SMA.The cryptocurrency will continue to rise, according to pricing indications.

For instance, if the currency crosses the resistance at $6.50 or the moving average lines, it will reach its high of $8.50.If Chainlink is rejected at the most recent high, the market will instead continue to oscillate between the $5.00 to $5.80 price range. The 21-day SMA is where the cryptocurrency is currently stalled.

Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00

Chainlink (LINK) Indicator Analysis
Chainlink is on an upward correction, and it is still at Relative Strength Index level 44 for period 14. The price bars are below the moving average, which is why the price is falling. Moving average lines act as price bar resistance. The bearish momentum has slowed below the daily Stochastic level of 80.

The altcoin is oscillating below its recent high in anticipation of a bullish advance.


What Is the Next Direction for Chainlink (LINK)?
LINK/USD is correcting upward but is still trading below $5.80. The bullish momentum is seeking to break through the 21-day simple moving average. If the 21-day SMA is violated, the price movement will be accelerated. A retraced candle body tested the 61.8% Fibonacci retracement line on the June 22 rally.

The retracement suggests that LINK will increase to the 1.618 Fibonacci extension or $6.30 level.

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