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.
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.
Major Resistance Levels - $30 and $35
Major Support Levels - $10 and $5
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.