Chainlink Slumps at Previous Low of $15, Can't Hold Recent Rally

Chainlink (LINK) price returns to previous low at $15.07 as price resumes consolidation above current support.

Last week, price consolidation continued above the previous low. Today, the market is swinging higher after a previous decline. Chainlink price is fluctuating upward and approaching the high at $20.

The cryptocurrency is fluctuating up between $16 and $20. However, the price fluctuation has not gone beyond the current range. For example, the $15 support has held since January 2021. If the bulls break the $20 high, the cryptocurrency will move higher and retest the $26 resistance. Subsequent bullish momentum will resume above the recent high.

Chainlink indicator reading

LINK has risen to the 42 level of the Relative Strength index period 14. It indicates that the market is in the downtrend zone and below the midline 50. The altcoin is above the 40% area of the daily stochastic. It indicates that Chainlink is in bullish momentum.

Technical Indicators:

Major Resistance Levels - $55 and $60

Major Support Levels - $20 and $15

What is the next move for Chainlink?

Chainlink is in a downtrend. The altcoin is facing resistance at the $20 high. Meanwhile, on June 21, downtrend, a retraced candlestick body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to the level 1,618 Fibonacci extensions or the low of $14,678.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.