Chainlink Aims for a High of $9.48 as It Retests the $7.50 Barrier
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Chainlink (LINK) Long-Term Analysis: Bullish
The price of Chainlink (LINK) is fluctuating as it retests the $7.50 barrier. Currently, the upswing is being rebuffed at the most recent high. The price of LINK dropped above the moving average lines before starting to rise again. At the most recent high, the altcoin will be rejected a third time. Above the $7.50 resistance level, buyers were unable to keep the bullish momentum going. If purchasers are unable to keep the price of the altcoin above the barrier level today, it will fall to its prior low. LINK will become available for as little as $6.00. On the other hand, the altcoin will rise to a high of $9 if the current resistance is broken. At the time of writing, the altcoin was worth $7.27.
Chainlink (LINK) Indicator Analysis
For period 14, LINK is at level 59 of the Relative Strength Index. It implies that the market is in an uptrend. The fact that the price bars are above the moving average lines suggests that the price of the currency will continue to rise. If the price stays above the moving average lines, the value of the alternative currency will increase. Above the daily Stochastic threshold of 80, Chainlink is exhibiting bullish momentum.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00
What Is the Next Direction for Chainlink (LINK)?
The price of Chainlink has held above the moving average lines as it retests the $7.50 barrier. On the lower time frame, the market is overbought near the $7.50 resistance level. A price recovery on the upside will push Chainlink above the barrier level. If the current resistance is broken, the price of LINK will rise to its all-time high of $9.48.
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