Chainlink Revisits Low Of $5.77 And Regains Bullish Momentum

Chainlink (LINK) price falls to its low at $5.77. The price broke below the moving average lines, accelerating the decline. In an overbought part of the market, the altcoin’s price is now falling.

Chainlink price long-term analysis: bullish

Sellers are popping up in the overbought region and pushing the price down. The decline has extended to the bottom of the chart. The cryptocurrency is expected to regain the previous low at $5.77. However, as the market has entered the oversold zone, a further decline is unlikely. Chainlink will stop falling in the oversold area as buyers are attracted by the reduced prices.

Chainlink indicator display

Chainlink’s Relative Strength Index is at 41 for the 14 period. The altcoin is in a downtrend area and is likely to continue falling. The daily stochastic is below the 20 level, indicating that the oversold area of the market has been reached. The current decline will end soon.

Technical indicators

Key resistance levels — $30 and $35

Important support levels — $10 and $5

What is the next step for Chainlink?

The price of Chainlink has fallen towards the oversold area of the market. A reversal of the trend is predicted. The altcoin is expected to gain. If sellers break the support level of $5.77, the price of LINK will continue to fall. The price of LINK increased on November 9 during the decline and a candlestick tested the 61.8% Fibonacci retracement level. After the correction, LINK will fall to the Fibonacci extension level of $1.618 and $3.81, respectively.

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 in funds.

Source