Chainlink Approaches Overbought Territory as It Falls Below $11.50
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has resumed bullish momentum as it falls below $11.50. Since February 20, the overhead resistance has held. The bulls broke through the overhead barrier on October 21 to achieve a high of $11.79. The crypto asset has retreated and is currently trading above the $11 support level. Chainlink is currently trading in the market’s overbought zone.
As the market approaches overbought territory, further higher movement of the coin is doubtful. Furthermore, the price indicator predicts that LINK/USD will rise to level 2.0 Fibonacci extension, or $10.69. On the downside, if sellers emerge in the overbought region, the altcoin will fall to a low of $10.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
Chainlink was trapped between the moving average lines before the breakout. It was in a range for a week before breaking above the 21-day simple moving average. The price bars are now above the moving average lines, accelerating the cryptocurrency’s upward movement. On September 25, the cryptocurrency saw a bullish moving average crossing.
When the 21-day SMA crosses above the 50-day SMA, a bullish order is indicated.
What Is the Next Direction for Chainlink (LINK)?
Chainlink experienced considerable price volatility, rising from a low of $7.28 to a high of $11.79 but falling below $11.50. At present, the upward trajectory has decelerated due to the LINK price fluctuating within a limited range. The altcoin is now trading between $10 and $11.50. If the bears breach the $10 support, the present rally will come to an end.
In other words, if the price falls below the moving average lines, the decline will restart.
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