Chainlink Price Long-Term Analysis: Bearish Trend

Chainlink's (LINK) price has fallen to the support above $20. This recent fall was a rejection from the high of $26. Buyers have been making a concerted effort to push Chainklink to the previous highs.

On June 9 and 15, the bulls were resisted at the $26 high. Nevertheless, the altcoin fell to the support above $20. The bottom line is that the bulls have been defending the critical support above $20 since May 19. Each time, sellers push the crypto to critical support, the bulls will buy dips. Today, if the current support holds, the market will rise.

Chainlink will be range-bound between $20 and $35. In the meantime, the LINK price is consolidating above the current support. On the downside, if the price breaks below the current support, the market will decline to either $15 or $13. The resumption of an upward move is likely. LINK price will rise and retest the $26 high. A break above $26 high will catapult the crypto above the $35 high. Today, the market is showing bullish signals for a possible upward move. LINK's price is trading at $21.38 at the time of writing.

Chainlink indicator reading 

LINK price is at level 39 of the Relative Strength Index period 14. This indicates that the crypto is in the bearish trend zone and capable of a further downward move. Chainlink has fallen below the 20% range of the daily stochastic. The stochastic bands are sloping horizontally in the oversold region of the market. The crypto’s price is below the moving averages which suggest that the crypto may fall.

Technical indicators:  

Major Resistance Levels – $55 and $60

Major Support Levels – $30 and $25  

What is the next move for Chainlink?   

Chainlink is in a downward move. The market is consolidating above the $20 support. On May 29 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 level $16.66.  From the price action, Chainlink is rising above the current support. 

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.