Chainlink is in a Downward Correction, Struggling With Resistance at $14

Today, buyers have pushed Chainlink (LINK) above the $13 support and are trying to get above the moving averages. A break above the moving averages will catapult the altcoin above the moving averages.

Chainlink (LINK) price long-term analysis: bearish

The bullish momentum will expand and retest the resistance at $19. On the other hand, if the altcoin fails the moving averages, Chainlink will fall and drop below the support at $13. The cryptocurrency will continue to fall to the low of $11.

Chainlink price is in a downward correction as the altcoin holds above $13 support. The bulls have defended the $13 support since January 24. The bears have broken the support several times, but the bulls have bought the dips. 

Chainlink (LINK) indicator reading 

The cryptocurrency is at level 42 of the Relative Strength Index for the period 14. The cryptocurrency is in the downtrend zone and below the midline 50. The price of the cryptocurrency is below the moving averages, indicating a possible decline. The altcoin is above the 25% range of the daily stochastic. The market is in a bullish momentum, but it is unstable.

Technical Indicators: 

Key resistance levels - $55 and $60.

Key support levels - $20 and $15

What is the next move for Chainlink (LINK)?

Chainlink is in a downward correction and holding above current support. Meanwhile, on January 24, a candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that LINK will fall to the Fibonacci extension level of 1.272 or $9.44.

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.