Chainlink Is in a Positive Move as It Challenges the $7.50 High
January 24, 2023
Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink (LINK) has since retraced above the moving average lines as it challenges the $7.50 high. Buyers are pushing the coin to retest the $7.50 barrier level. They have been unable to maintain the price above the $7.50 high since November 9. On the plus side, Chainlink will reach its $9 high if the current resistance is broken. However, the altcoin may return to a range-bound movement if buyers are unable to sustain the price above the most recent high. Chainlink’s price movement has been restrained between $5.50 and $7.00 since November 10. The price of Chainlink as of this writing is $7.13.
Chainlink (LINK) Indicator Analysis
LINK’s price is on the rise and could rise more. For period 14, the Relative Strength Index level is 62. The moving average lines are above the price bars, indicating that the price will rise further. The LINK price is overbought when it is above the daily Stochastic level of 80. When this happens, a market has reached bullish exhaustion.
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 trading is currently below the resistance level as it challenges the $7.50 high. The resistance level is being attempted to be broken by buyers. The price of the cryptocurrency asset has been fluctuating between $5.50 and $7.50 for the past two months. However, the altcoin has not yet started to trend as both buyers and sellers defend their present price levels.
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