Chainlink (LINK) Resumes Selling Pressure as Bulls Fail to Sustain above the $35 High
May 31, 2021
Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink has just recovered above $15.04 as bulls bought the dips in the first downtrend. The altcoin resumed a fresh uptrend as price rallied to $34 high. The bulls could not sustain the bullish momentum as the coin was repelled. Consequently, LINK/USD has commenced another round of selling pressure. The bears may want to revisit the previous low at $15.04. The second downtrend has resumed as LINK faced rejection at $35. The downtrend may extend to the low of $22.
Chainlink (LINK) Indicator Analysis
Firstly, the crypto’s price is below the 21-day SMA and 50-day SMA which suggests that price is in the bearish trend zone. It also means that LINK is capable of falling on the downside. The altcoin is at level 42 of the Relative Strength Index period 14. It indicates that it is in the downtrend zone below the centerline 50.
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26
What Is the Next Direction for Chainlink (LINK)?
Chainlink has resumed a downward move. On the 4 –hour chart, Chainlink is falling after rejection from the high of $35. On May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions or the high of $34.38. From the price action, the market has reversed from the 1.618 Fibonacci extensions.
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