Chainlink has resumed a downward move after retesting the $30 high. The selling pressure has continued as a result of the upward correction at the high of $32.
The market is expected to further decline to the low of $26. Chainlink made two upward corrections after the crypto’s breakdown. Each correction attracted selling pressure.
In the first correction, the LINK price rose to the high of $35 and was resisted. The market declined to the low of $29. In the second correction, the market went upward to the high of $32. Today, Chainlink has been in a downward movement from the recent high.
The altcoin has fallen below the 20% range of the daily stochastic. It indicates that buyers are expected to emerge in the oversold region. The crypto is at level 42 of the Relative Strength index period 14. It indicates that the market is in the downtrend zone and below the centerline 50.
Major Resistance Levels – $55 and $60
Major Support Levels – $30 and $25
The altcoin has continued to fall after the rejection at the recent high. On June 4 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 $26.50. From the price action, Chainlink reached the Fibonacci level of 1.618 and reversed.
Disclaimer. This analysis and forecast are the author’s personal opinions, 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.