The price of Chainlink (LINK) is in a downward correction, while the altcoin continues its sideways movement. Currently, the upward movement is limited by the 21-day line SMA. Today, the bulls failed to break the 21-day line SMA while the altcoin continues its downward trend.
The cryptocurrency is fluctuating between $5.30 and $7.50 price levels. On the other hand, the bears failed to break the current support, which is due to the long candlesticks. The long candlestick tail indicates that the current support is a strong buying point. Buyers are attracted to lower price levels.
Chainlink indicator is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The cryptocurrency price bars are below the moving averages, indicating a price decline. LINK is below the 80% range of the daily stochastic. LINK is in a declining momentum.
Major Resistance Levels - $30 and $35
Major Support Levels - $10 and $5
On the lower time frame, Chainlink is in a sideways movement. Since May 12, the downtrend has subsided as the altcoin is back in a sideways movement. The cryptocurrency will regain its upside momentum when the price breaks above the moving averages. Further selling below $5.30 is unlikely.
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.