Chainlink Pulls Back Above $13 Support As Buyers Target $19 High Again

The price of Chainlink (LINK) is in a downward correction as the cryptocurrency holds above the previous low at $13.

Chainlink (LINK) price long-term analysis: bearish

Since January 24, the cryptocurrency price has been hovering between $13 and $19. The current downtrend was caused by the rejection of the $19 high. On February 8, the bulls broke the moving average of the 21-day line, but failed to overcome the moving average of the 50-day line. LINK/USD was rejected at the $19 high as the cryptocurrency came under selling pressure again. On February 24, the bears broke the previous low at $13, but the bulls bought the dips.

Today, LINK/USD is trading at $14.30 as of press time. Chainlink is likely to hold above the previous low at $13. This is the historical price level from July 21, 2021.

Chainlink (LINK) indicator reading 

Chainlink is at level 40 of the Relative Strength Index for the period 14. It is in the downtrend zone and below the centre line 50. The price of the cryptocurrency has been stable above the price level of $13. The price bars are below the moving averages, indicating a possible decline. The altcoin is above the 40% range of the daily stochastic. The market has resumed its bullish momentum.

Technical Indicators: 

Key resistance levels — $55 and $60.

Key support levels — $20 and $15

What is the next move for Chainlink (LINK)?

The downtrend of Chainlink has reached its bearish exhaustion. The cryptocurrency price has been holding above the $13 support level since July 21, 2021. Meanwhile, on February 24, a candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that LINK will fall to the 1.272 Fibonacci Extension level or $9.93. From the price action, after reaching the low of 11, Chainlink.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.

   
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