Chainlink Is Stuck at $18 and May Revert to Its Sideways Trend

Chainlink (LINK) Long-Term Analysis: Ranging
Chainlink’s (LINK) price rebounds above the moving average lines and may revert to its sideways trend. The sideways trend has occurred between the $13 and $17 price levels. Since November 11, 2023, buyers have struggled to maintain the positive momentum above the $17 overhead resistance mark. Today, the altcoin rose to a high of $18 but then fell back.

On the upside, if the above resistance is overcome, the crypto asset will achieve a new high of $22. Meanwhile, the altcoin will revert to its sideways trend, with the overhead resistance being unbroken. The altcoin is now trading at $17.83 as of this 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 bars have broken above the moving average lines, resuming their bullish ascent. The LINK price is facing rejection following a surge to a high of $18. The coin has hit the market’s overbought territory. The candlesticks display a lengthy candlestick wick, signaling selling pressure at higher price levels.

What Is the Next Direction for Chainlink (LINK)?
The bulls have once again burst through the overhead resistance and may revert to their sideways trend . The present sideways trend may end if buyers maintain their bullish momentum above the upper resistance. Meanwhile, buyers are still having difficulty penetrating the $18 high. The most recent high corresponds to the historical price level of April 3, 2022.

Nonetheless, the crypto signals will remain range-bound if buyers fail to continue bullish momentum above the upper resistance level.

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