Chainlink Retraces and Holds above $7.47 as It Reaches an Oversold Region

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Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) price is trading above the moving average lines as it holds above $7.47. The upward move is stuck at the resistance of $8.00. Buyers have retested the resistance level on four occasions but failed to break above it. Because of that, the cryptocurrency is range bound between $6.70 and $8.00 price levels. On October 6, buyers pushed the coin to the resistance level but were repelled. A break above the resistance will cause the altcoin to revisit the overhead resistance at $9.50. On the downside, the altcoin is declining to revisit the previous low at $6.70.

Chainlink (LINK) Indicator Analysis
Chainlink has reached equilibrium as it is at level 50 of the Relative Strength Index for period 14. It implies that there is a balance between supply and demand. The moving average lines have continued to slope horizontally indicating a sideways trend. The altcoin is in a bearish momentum below the 50% range of the daily stochastic.

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 declining after the rejection at the $8.00 resistance zone as it holds above $7.47. The altcoin has retraced above the moving average lines. LINK will further decline if price breaks below the moving average lines. The upward move will resume if it holds above the moving average lines.

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