Chainlink (LINK) price has fallen to the low of $34 after the resistance at the $44 high.
On April 20, the bulls attempted to push the altcoin above the $40 high but faced selling pressure. The downtrend has continued unabated as price breaks below the 21-day SMA. The current downtrend is caused by the formation of a bearish double top on April 15 and 17.
After the breakdown on April 18, the LINK resumed range bound movement between levels $35 and $42. Now, the bears have broken below the lower price range but price corrected upward to retest the $35 high. However, the selling pressure will resume if the bulls fail to sustain above the $35 high. Meanwhile, Chainlink is trading at $33 at the time of writing.
LINK price is at the point of breaking below the support line of the ascending channel. The selling pressure will resume if price breaks below the support line. LINK has fallen to level 48 of the Relative Strength Index period 14. It indicates that price has reached the bearish trend zone and the altcoin is capable of falling.
Major Resistance Levels – $45 and $50
Major Support Levels – $25 and $20
Chainlink is in a downtrend. The downtrend will persist if the altcoin faces rejection at the $35 high. On April 23, the LINK price corrected upward but it is facing resistance at $35. The retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will fall to level 1.618 Fibonacci extensions or the low of $23.49.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.