Chainlink Tries To Hold Above $15 While Bears Threaten To Short

Chainlink (LINK) price has fallen below the 21-day moving average. The cryptocurrency is trading above the 50-day line SMA but below the 21-day line SMA.

Chainlink (LINK) price long-term analysis: bullish

At the time of writing, Chainlink is trading at $15.33. On April 4, the cryptocurrency fell from the high of $18 as the bears dropped below the moving averages. 

LINK/USD is trading between the moving averages. The market will change when the moving averages are broken. For example, if the bulls break the 21-day line SMA, Chainlink will retest the high at $18 or rally above it. Similarly, if the bears break below the 50-day line SMA, the altcoin will continue to fall. Meanwhile, Chainlink rises above the 50-day line SMA.

Chainlink (LINK) Indicator Reading 

First and foremost, the cryptocurrency price bars are located between the moving averages, indicating that the movement of the cryptocurrency may be tied to a specific range. Chainlink has fallen to the value 45 of the Relative Strength Index for the period 14. It is trading in the downtrend zone and is capable of further downward movement. . The altcoin is above the 25% range of the daily stochastic. The market is resuming a bullish momentum.

Technical Indicators: 

Key resistance levels - $55 and $60

Important support levels - $20 and $15

What's next for Chainlink (LINK)?

Chainlink is still in a downward correction, fluctuating above $14 support. Meanwhile, a declining candlestick has tested the 78.6% Fibonacci retracement level. The retracement suggests that LINK will fall to the 1.272 Fibonacci Extension level or $14.43. Price action shows Chainlink returning above support at $15.

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.