Chainlink Slumps from $36 Overhead Resistance as Sellers Threaten to Short

Today the price of Chainlink (LINK) is falling after retesting the high at $36. The $36 is the historical price level from September 6.

Today, Chainlink's price is falling as buyers fail to keep LINK above the $36 high. Consequently, the cryptocurrency is falling downwards. The altcoin could fall to a low of $21 if the price drops below the previous low of $31. In the latest price action, Chainlink plunged from the high of $36 to a low of $21. Conversely, LINK/USD will resume its uptrend if the price retraces and holds above the $31 support. 

Chainlink indicator reading

The cryptocurrency is at level 59 of the Relative Strength Index of period 14. The altcoin is in the uptrend zone and above the midline 50. Chainlink is below the 40% area of the daily stochastic. The market is in a bearish momentum. The cryptocurrency price is above the moving averages at the time of writing.

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 price of the cryptocurrency has been falling, but it is between the moving averages. Meanwhile, on November 10, the downtrend has seen a retreating candlestick testing the 38.2% Fibonacci retracement level. The retracement suggests that LINK will fall to the 2.618 Fibonacci extension level or the $21.99 high.

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.