Chainlink Revisits Previous Low as It Challenges the $7.00 High

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink (LINK) decline subsides as it challenges the $7.00 high. Previously, the cryptocurrency asset was trapped between the moving average lines. On March 3, the bears broke below the 50-day SMA, causing the cryptocurrency to fall further. The altcoin is likely to fall back to its previous low of $6.50. Since January 24, the current support level of $6.50 has been held. However, the price indicator has indicated that Chainlink will continue to fall. On the downside, the altcoin will fall if the cryptocurrency price falls below the $6.50 support level.

Chainlink (LINK) Indicator Analysis
For period 14, Chainlink is at Relative Strength Index level 42. The altcoin is in a bearish trend and may continue to fall. The price of LINK is likely to fall further as the price bars are below the moving average lines. The cryptocurrency is falling because it has fallen below the daily Stochastic level of 60. Moving average lines slant southward, indicating a downtrend. Prices are being held back by the 21-day line SMA.

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 fluctuating as it challenges the $7.00 high. After reaching a low of $6.65, the decline slowed. The bottom line is that the bearish trend may continue as long as the altcoin remains above the $6.50 support level. The cryptocurrency’s price is retesting the $7.00 resistance level to break above it. If buyers fail to overcome the current resistance level, selling pressure will resume.

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