Chainlink Hovers above $6.00 as Bears Target the $5.77 Low

Chainlink (LINK) is declining and the price movement has remained constant. The cryptocurrency bounced above the $5.77 support last week.

The upward movement of the cryptocurrency was stopped at the high of $6.68 on November 15. This is the cause of the recent slump that dropped the altcoin to a low of $6.02.

Sellers will look to retest the previous low of $5.31. The $5.31 support has been steadfastly held by buyers since June 13. However, if the $5.31 support is broken, Chainlink will fall to a low of $3.75. However, if the current support holds, the price of LINK will pick up and move higher.

Chainlink indicator reading

For the period 14, Chainlink's Relative Strength Index is at 40. The altcoin is still in a downtrend zone and could fall. The cryptocurrency's price bars are below the moving average lines, which indicates a further decline. The daily stochastic shows that the cryptocurrency is trading below the 20 level, which indicates an oversold market.

Technical indicators:  

Major Resistance Levels - $30 and $35

Major Support Levels - $10 and $5

What is the next move for Chainlink?

Chainlink is gradually moving downwards as it approaches the $5.77 support level. If the current support holds, the cryptocurrency could recover. The uptrend will resume if there is a break above the moving average lines. However, the market will fall to $3.75 if the bears break the existing support.

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 in funds.