Chainlink Holds Above $15 Support as the Altcoin Targets the $19 High
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price is trading above the moving averages as the altcoin targets the $19 high. In the first uptrend, the market reached the high of $16 but retraced above the $15 support. The $15 support was the previous resistance that has been broken. The altcoin will be out of downward correction and further upward moves are likely. The second uptrend has resumed as bulls attempt to break the resistance at $16. On the upside, if the bulls break the resistance at $16, the market will rise to a $19 high. On the other hand, if the bulls fail to break the recent high, the altcoin will fall and become range-bound above the moving averages. The downtrend will resume if price breaks below the moving averages.
Chainlink (LINK) Indicator Analysis
LINK’s price is above the moving averages indicating that the coin will rise to the upside. The crypto price is at level 60 of the Relative Strength Index for period 14. It indicates that the altcoin is in the uptrend zone and capable of rising. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.
Technical indicators:
Major Resistance Levels – $40.00, $42.00, $44.00
Major Support Levels – $26.00, $24.00, $22.00
What Is the Next Direction for Chainlink (LINK)?
Chainlink has resumed its upward move as the altcoin targets the $19 high. The current uptrend is facing resistance at $16. Meanwhile, on March 24 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that LINK will rise to level 2.0 Fibonacci extension or $18.38.
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