Chainlink’s (LINK) price has dropped to a low of $13 today. This is the lowest price since January 24.
Chainlink (LINK) price analysis for the long term: bearish
Since January 24, the cryptocurrency market has been in decline, fluctuating between the $13 and $19 price levels. Buyers have been aggressive in their efforts to push the altcoin above its moving averages.
The bulls have broken over the 21-day moving average but remain below the 50-day moving average. On February 28, the bulls broke past the moving average of the 21-day line, but were rebuffed at the $16 high. Chainlink retreated precipitously to a low of $13. A breach above the moving averages would catapult the cryptocurrency to a high of $28. Buyers are surging back above existing support in anticipation of an upside move.
Indicator chainlink (LINK) reading
Chainlink is trading at a Relative Strength Index level of 41 for the 14-day period. The cryptocurrency is in a decline and is trading below the 50-day moving average. LINK’s price is trading below its moving averages, implying a probable fall. The altcoin is trading below the daily stochastic’s 60% range. The market is currently in a bearish trend.
Indicators Techniques:
- $55 and $60 are critical resistance levels.
- Significant levels of support – $20 and $15
What is Chainlink’s (LINK) next move?
Chainlink is in a downtrend, as the price has fallen below the moving averages. Meanwhile, the altcoin has maintained a price above the $13 support level. If the current support level is breached, the market would drop. Meanwhile, a candle body testing the 78.6 percent Fibonacci retracement level has been seen in the downtrend from January 24. According to the retracement, LINK will likely fall to the 1.272 Fibonacci Extension level, or $9.44.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
