LINK May Experience a Bearish Breakout

Chainlink price awaiting a breakout

Chainlink Price Analysis – September 21

A breakout at the support level of $6.4 level may reduce the price further towards the support level of $5.6 and $3.5 levels. When the buyers push up price above the resistance level of $8.1, Chainlink may increase to $9.4 and $10.8 resistance levels.

LINK/USD Market

Key Levels:

Resistance levels: $8.1, $9.4, $10.8

Support levels: $6.4, $5.6, $3.5

LINK/USD Long-term Trend: Ranging

Chainlink price is ranging in the daily time frame. The resistance level of $8.1 serve as an upper boundary for Chainlink. Also, the support level of $6.4 act as a lower boundary for the coin. The price is trading within these two levels. In other words, the price is ranging within $8.1 and $6.4 levels. This scenario may continue until there is a breakout above the upper boundary or below the lower boundary.

chainlink is currently trading below the two EMAs. The 9 periods EMA is below the 21 periods EMA. The technical indicator, Relative Strength Index period 14 is at 38 levels with the signal line pointing downwards to supports the bearish movement. A breakout at the support level of $6.4 level may reduce the price further towards the support level of $5.6 and $3.5 levels. When the buyers push up price above the resistance level of $8.1, LINK may increase to $9.4 and $10.8 resistance levels.

LINK/USD Medium-term Trend: Ranging

Chainlink is ranging on the 4-hour chart. The Chainlink could not go down further when the price decreases to the support level of $6.4. It increased and could not go above the resistance level of $8.1. Low pressure from the bears and bulls respectively responsible for this scenario. LINK is awaiting a breakout.

The Chainlink price is below 9 periods EMA and 21 periods EMA. The indicator, Relative Strength Index periods 14 confirms that the market is moving down as the signal line point downside at 33 levels.

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