The price of Chainlink (LINK) has resumed selling pressure after falling below the current support. In the previous price action, Chainlink moved between $6.60 and $8.00 price levels.
The current selling pressure may extend to the low of $6.13. However, the price of LINK is attempting to rebound above the current support.
At the time of writing, LINK/USD is trading at $6.87. On the upside, Chainlink will regain the previous high of $7.37 or $8.00 if the $6.60 support holds. On the downside, the altcoin will regain the previous lows of $6.13 and $5.40 if the current support is breached again.
Chainlink indicator reading
The recent decline has resulted in Chainlink reaching the 43 level of the Relative Strength Index for the 14 period. Since August 19, the moving average lines have remained horizontal as the market continues to move sideways. The altcoin is in a bullish momentum above the 30% area of the daily stochastic.
Technical indicators:
Major Resistance Levels – $30 and $35
Major Support Levels – $10 and $5
What is the next move for Chainlink?
Chainlink is in a downtrend as it faces rejection at the recent high. The downtrend will continue as the altcoin turns down from the recent high. Currently, Chainlink has regained bullish momentum as it is trending up again. The current uptrend could be rejected at the moving average lines.
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.
Source: https://coinidol.com/chainlink-6-60-support/