Chainlink (LINK) Breaks $19 High, Resumes Fresh Uptrend
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has broken above the moving averages as the altcoin reached the high of $23.67. The altcoin is in the bullish trend zone. LINK price tends to rise in the bullish trend zone. Presently, the upward move is facing resistance at the recent high as the market reaches the overbought region. However, the RSI and daily stochastic have indicated that the crypto has reached the overbought region of the market. Further upside is unlikely as the crypto may face rejection at the recent high.
Chainlink (LINK) Indicator Analysis
LINK is above the 80% range of the daily stochastic. The crypto has reached the overbought region. The crypto is at level 70 of the Relative Strength Index period 14. Chainlink has also reached an overbought region of the market. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.
Technical indicators:
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26
What Is the Next Direction for Chainlink (LINK)?
Chainlink has been trading in the overbought region of the market since July 21. Meanwhile, on July 26 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise but reverse at level 1.272 Fibonacci extensions or level $17.29. From the price action, the market has broken 1.272 Fibonacci extensions and resume upward.
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