Chainlink’s (LINK) Outlook Grows Bleak: Signals of Bearish Continuation Surface
Chainlink’s
LINK
price
is
struggling
to
surpass
the
$13.80
resistance.
The
price
could
continue
to
move
down
if
it
breaks
the
$13.00
support.
-
Chainlink
price
is
showing
bearish
signs
below
the
$14.00
resistance
against
the
US
dollar. -
The
price
is
trading
below
the
$13.60
level
and
the
100
simple
moving
average
(4
hours). -
There
is
a
key
bearish
trend
line
forming
with
resistance
near
$13.50
on
the
4-hour
chart
of
the
LINK/USD
pair
(data
source
from
Kraken). -
The
price
could
start
a
decent
increase
if
it
clears
the
$13.80
resistance
zone.
Chainlink
(LINK)
Price
Turns
Red
In
the
past
few
days,
Chainlink
saw
a
steady
decline
from
well
above
the
$13.80
level.
LINK
price
declined
below
the
$13.50
support
level
to
enter
a
short-term
bearish
zone,
like
Bitcoin
and
Ethereum.
The
price
tested
the
$13.10
support
zone.
A
low
was
formed
at
$13.07
and
the
price
recently
attempted
a
recovery
wave.
There
was
a
move
above
the
$13.50
level.
It
even
jumped
above
the
23.6%
Fib
retracement
level
of
the
downward
move
from
the
$14.30
swing
high
to
the
$13.07
low.
However,
the
bears
were
active
below
the
$13.80
resistance
and
the
50%
Fib
retracement
level
of
the
downward
move
from
the
$14.30
swing
high
to
the
$13.07
low.
LINK
price
is
still
trading
below
the
$13.80
level
and
the
100
simple
moving
average
(4
hours).
Immediate
resistance
is
near
the
$13.50
level.
There
is
also
a
key
bearish
trend
line
forming
with
resistance
near
$13.50
on
the
4-hour
chart
of
the
LINK/USD
pair.
The
next
major
resistance
is
near
the
$13.80
zone.
A
clear
break
above
$13.80
may
possibly
start
a
steady
increase
toward
the
$14.00
level.
The
next
major
resistance
is
near
the
$14.35
level,
above
which
the
price
could
test
$15.50.
More
Losses?
If
Chainlink’s
price
fails
to
climb
above
the
$13.50
resistance
level,
there
could
be
a
fresh
decline.
Initial
support
on
the
downside
is
near
the
$13.10
level.
The
next
major
support
is
near
the
$12.80
level,
below
which
the
price
might
test
the
$12.20
level.
Any
more
losses
could
lead
LINK
toward
the
$11.50
level
in
the
near
term.
Technical
Indicators
4
hours
MACD
–
The
MACD
for
LINK/USD
is
gaining
momentum
in
the
bearish
zone.
4
hours
RSI
(Relative
Strength
Index)
–
The
RSI
for
LINK/USD
is
now
below
the
50
level.
Major
Support
Levels
–
$13.10
and
$12.80.
Major
Resistance
Levels
–
$13.50
and
$13.80.
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