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Chainlink Holds Above $13 And Moves Slightly Higher

Date:

Mar 06, 2022 at 10:12 // Price

The market will decline if the current support is broken

Chainlink (LINK) price has fallen to the low $13 level today. This is the low so far from the January 24 price drop.

Chainlink (LINK) price long-term analysis: bearish

Since January 24, the cryptocurrency has been in a downward correction as the market has fluctuated between the $13 and $19 price levels. Buyers have made concerted efforts to push the altcoin above the moving averages. 

The bulls have broken through the 21-day moving average, but have failed to break above the 50-day moving average. The bulls broke through the moving average of the 21-day line during the price advance on February 28, but were rejected at the $16 high. Chainlink fell back sharply to the low of $13. A break above the moving averages would propel the altcoin to the high of $28. Today, buyers are rallying back above current support for a possible upside move.

Chainlink (LINK) indicator reading 

Chainlink is at level 41 of the Relative Strength Index for the period 14. The cryptocurrency is in the downtrend zone and below the midline 50. The price of LINK is below the moving averages, indicating a possible decline. The altcoin is below the 60% range of the daily stochastic. The market is in a bearish momentum.

LINKUSD(Daily_Chart)_-_March_5.png

Technical Indicators: 

Key resistance levels – $55 and $60

Important support levels – $20 and $15

What is the next move for Chainlink (LINK)?

Chainlink is in a downward correction as the price falls below the moving averages. In the meantime, the altcoin is holding above $13 support. The market will decline if the current support is broken. Meanwhile, the downtrend from January 24 has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that LINK will fall to the 1.272 Fibonacci Extension level or $9.44.

LINKUSD(Daily_Chart_2)_-_March_5.png

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.

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