Chainlink Consolidates Above $13, Cannot Break Recent High
Chainlink (LINK) price long-term analysis: bearish.
After the recent slump, selling pressure has subsided and Chainlink has resumed its sideways movement. The cryptocurrency is fluctuating above the support of $13. The upward correction of the cryptocurrency is limited below the high of $14.26.
In other words, LINK /USD is moving in a narrow range between the prices of $13.50 and $14.26. The altcoin will fall back to a low of $12 if the bears go below the current support. On the other hand, the upward movement will resume if the price breaks the initial resistance at $14.26. The altcoin will rise to retest the moving averages or break above them. At the time of writing, the altcoin is trading at $14.11.
Chainlink (LINK) Indicator Reading
Chainlink’s price bars are below the moving averages, indicating a possible decline in the cryptocurrency. Chainlink has fallen to level 41 on the Relative Strength Index for the period 14. The market has reached the downtrend zone and is capable of further downward movement. The altcoin is above the 80% area of the daily stochastic. The market is approaching the overbought zone.