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Chainlink Struggles above $10.66 and Breaks Through Current Support

Date:

May 08, 2022 at 11:11 // Price

The price of Chainlink (LINK) is in a downtrend as the cryptocurrency hovers above April 30 support. On April 30, Chainlink fell to the low of $10.66 and continued its sideways movement above the current support. The upward movement was staved off at the $12.28 resistance level.

Chainlink could have rallied above the moving averages if the bulls had broken the current resistance. Today, the price of LINK fell to the low of $10.54. The bears are eager to break the current support. On the downside, the market will drop further to $8.45 if the current support is broken. Conversely, the altcoin will be forced to move between $10.66 and $12.28 if the current support holds.

Chainlink indicator reading

Chainlink is at level 33 of the Relative Strength Index for period 14. The cryptocurrency is falling and approaching the oversold region of the market. The market has already reached the oversold region when buyers appeared and pushed the prices to the high of $12.28. Currently, the altcoin is below the 20% area of the daily stochastic. 

LINKUSD(Daily+Chart+-+May+7.png

Technical indicators:  

Major Resistance Levels – $55 and $60


Major Support Levels – $20 and $15

What is the next move for Chainlink?

Chainlink is bearish as the bears are just below the current support. The price indicator has indicated a possible decline. Meanwhile, the April 30 downtrend has a candlestick body testing the 61.8% Fibonacci retracement level. The retracement suggests that LINK will fall to the 1.618 Fibonacci extension level or $8.44. The price action shows that the altcoin has fallen to a low of $10.54.

LINKUSD(Daily+Chart+2)+-+May+7.png

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.

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  • Source: https://coinidol.com/chainlink-10-66-support/

This Post was originally published on Coin Idol

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