Chainlink Regains Bullish Momentum as It Rebounds above $21 Support

Jun 13, 2021 at 10:47 // News
Coin Idol
Chainlink dropped to $21 low

Chainlink (LINK) has continued its downward move as the crypto dropped to $21 low. The intense selling pressure above $35 interrupted the upward correction of the crypto.

In the first rejection at the $35 high, Chainlink dropped to $24 low. Buyers reacted and pushed the altcoin to the $32 high. The bulls retested the $32 resistance zone twice but could not sustain the bullish momentum. Chainlink was resisted as the altcoin slumped to $21 low. There is a possibility that altcoin may fall and revisit the previous low at $18, or $15. However, if the $21 support holds, LINK/USD will resume up trending. For instance, on May 23, the bulls bought the dips as the crypto rallied to $35.

Chainlink indicator reading 

LINK has fallen to level 37 of the Relative Strength index period 14. It indicates that the market is approaching the oversold region where buyers are likely to emerge. Nonetheless, the altcoin is below the 20% range of the daily stochastic. It indicates that Chainlink is in the oversold region. 


Technical indicators:  

Major Resistance Levels – $55 and $60

Major Support Levels – $30 and $25

What is the next move for Chainlink?

LINK/USD is in a downward correction. On May 29 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that the market will fall to level 1.618 Fibonacci extensions or the low of $16.75. In the interim, Chainlink has fallen to $21.05 low.  


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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