Chainlink (LINK) Breaks Above $31.73 Resistance, Targets $41 High
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price is making an upward move. The uptrend was created after the altcoin fell to $29.55 low. Today, the altcoin is resuming a fresh uptrend to retest the previous high of $31.73. If buyers breach the resistance at a level $31.73, the market will rally above $35 high. The bullish momentum is likely to continue on the upside. However, if the altcoin faces rejection at the recent high, Chainlink will fall and find support above $31 support. Meanwhile, on the August 16 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK will rise to level 1.618 Fibonacci region extensions or level $41.09.
Chainlink (LINK) Indicator Analysis
LINK price has fallen to level 67 of the Relative Strength Index period 14. It indicates that the altcoin is in the uptrend zone and approaching the overbought region of the market. The LINK is above the 80% range of the daily stochastic. The coin is already in the overbought region. Sellers are likely to emerge to push prices down.
Technical indicators:
Major Resistance Levels – $60, $62, $ 64
Major Support Levels – $30, $28, $26
What Is the Next Direction for Chainlink (LINK)?
Chainlink is in an upward move as the price breaks above the $31.73 high. Meanwhile, on September 3 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.618 Fibonacci extensions or level $33.60.
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