Chainlink Hovers above $15 as Buyers Regroup for a Rebound

Chainlink (LINK) has fallen below the moving averages after being rejected from the high of $28. Today, the cryptocurrency has fallen to the low of $15. The $15 price level is the previous low of the December 4 price drop.

If the bears break the current support, the market will fall to the low of $13. However, if the current support holds, LINK/USD will be forced to move between $15.00 and $22.50. Currently, Chainlink is moving above the $15.63 support as the market has reached the oversold zone. The current selling pressure is likely to ease.

Chainlink indicator reading

The altcoin is at level 27 of the Relative Strength Index for period 14. The altcoin is trading in the oversold region of the market. It is likely that buyers will emerge to push prices higher. Chainlink is below the 20% area of the daily stochastic. According to the daily stochastic, the market has reached the oversold region. The cryptocurrency price is still below the moving averages today, which indicates a possible decline. 

Technical indicators:  

Major Resistance Levels - $55 and $60

Major Support Levels - $20 and $15

What is the next move for Chainlink?

LINK/USD is in a downtrend as the market has reached the low of $15.63. Meanwhile, on December 14, the downtrend tested a retreating candlestick at the 78.6% Fibonacci retracement level. The retracement suggests that LINK will fall to the Fibonacci extension level of 1.272 or the high of $11.96.

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.