Chainlink Price Is Sinking Lower targeting $5.6

Chainlink may continue to experience a downward trend

Chainlink Price Analysis – October 03

An interruption of the sellers at $6.4 level may reverse the Chainlink towards $8.1, $9.4 and $10.8 levels. Price is facing the $6.4 psychological support level and may break it down to target the potential support levels at $5.6, and $3.5.

LINK/USD Market

Key Levels:

Resistance levels: $8.1, $9.4, $10.8

Support levels: $6.4, $5.6, $3.5

LINK/USD Long-term Trend: Bearish

Chainlink is bearish in the daily time frame. Chainlink has been under the control of sellers, it is going lower every day. When the price reached the resistance level of $9.4, the just mentioned level could not be penetrated upside because there is no enough momentum from the bulls. Sellers gained enough momentum and the price commences a downward movement towards $6.4 level.

Chainlink is trading below the two EMAs. It remains in the hand of the bears as the technical indicator Relative Strength Index period 14 supports the bearish action with its signal line pointing downward at 44 levels. An interruption of the sellers at $6.4 level may reverse the price towards $8.1, $9.4 and $10.8 levels. Price is facing the $6.4 psychological support level and may break it down to target the potential support levels at $5.6, and $3.5.

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LINK/USD Medium-term Trend: Bearish

Chainlink is bearish on the 4-hour chart. The market continues to experience downward trend towards $6.4 level when the increase in price was rejected at the resistance level of $9.4. The price was seen to be moving below the 9 periods EMA and 21 periods EMA as a sign of an increase in bearish momentum. The price breaks down the support level at $8.1 targeting $6.4 level.

In case the Chainlink price could cross below the $6.4 level, the coin may likely move towards the support at $5.6. The indicator Relative Strength Index periods 14 confirms that the market is moving down as the signal line point downside at $40 level.