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.