Chainlink Hovers Above the $6.00 Support as It Attempts to Breach $7.00
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink (LINK) price increased to the recent high as it attempts to breach $7.00. As the coin enters an overbought zone, buyers were unable to maintain the bullish momentum. If the altcoin bounces back above the moving average lines, the current uptrend will resume. On the plus side, Chainlink will return to its previous high of $8.00 or $9.48 if it maintains above the moving average lines. However, selling pressure is indicated if Chainlink retraces below the 50-day line SMA. The cryptocurrency will fall if its breakout level of $6.00 is breached. However, the altcoin will start to fall and will eventually become range-bound between the moving average lines.
Chainlink (LINK) Indicator Analysis
For period 14, Chainlink’s Relative Strength Index is at level 68. It is currently trading in the uptrend zone and has the potential to rise even further. The value of the cryptocurrency will rise as long as the price bars are above the moving average lines. A bearish momentum is currently prevailing for LINK below the daily Stochastic threshold of 80. An uptrend is indicated by the moving average lines’ increasing slope.
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)?
Chainlink is in decline as it attempts to breach $7.00. The coin is fluctuating above the moving average lines and below the $7.00 resistance. The uptrend will resume if the price rises above the most recent resistance level of $7.00. If the price of Chainlink falls below the moving average lines, the downward trend will persist.
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