Chainlink Continues to Rise as It Trades above $13.40
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Chainlink (LINK) Long-Term Analysis: Bullish
Since November 11, Chainlink’s (LINK) uptrend has been stopped around a high of $16.58 as it trades above $13.40. The altcoin has been trading between $12.80 and $17 during the last week. On November 21, the bears drove the price below the 21-day simple moving average (SMA), but the bulls purchased the dips.
On the plus side, if the current positive momentum is maintained and the market breaks the barrier at $16.58, it will surge to a high of $20. The current rally can terminate if the bears breach below the 21-day SMA. The price of LINK will fall even further to $10.50. Meanwhile, the altcoin is currently trading at $14.39 at the time of writing.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
The price bar is currently above the moving average lines, although it was below them on November 21. If the bearish momentum remains below the moving average line, selling pressure will resume. The 4-hour chart’s moving average lines are sloping horizontally due to the current lateral trend. The price bars are rising and falling below the moving average lines.
What Is the Next Direction for Chainlink (LINK)?
The cryptocurrency is now moving sideways as it trades above $13.40. Chainlink has yet to overcome the $16.58 resistance level. The coin is currently worth between $12.80 and $17. The market will trend if the current support and resistance levels are breached.
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