Chainlink (LINK) Breaks Above $27 Resistance, Struggles to Sustain Above It
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price is in an upward move. LINK/USD is trading in the bullish trend zone as price breaks above the moving averages. The cryptocurrency is trading at $27.34 at the time of writing. On the upside, if buyers reclaim the $28 support, the upward move will be accelerated. The bullish momentum will extend to the high of $32.
Chainlink (LINK) Indicator Analysis
Chainlink’s price has broken above the resistance line of the descending channel and closed above it. The uptrend is likely to continue on the upside. LINK price is at level 54 of the Relative Strength Index period 14. The cryptocurrency is now in the bullish trend zone and capable of a further upward move. Chainlink is above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum.
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)?
On the 4 hour chart, LINK’s price breaks above the moving averages to reach the high of $27. The cryptocurrency was resisted as it fell to the support of the 50-day SMA. The altcoin has resumed upward to revisit the previous highs. Meanwhile, on October 14 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK/USD will rise to level 1.618 Fibonacci extension or level $30.28.
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