Chainlink (LINK) Rebounds Above $29.20 Support , Resumes Uptrend
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price is retracing after retesting the $31.50 resistance zone. The recent high has not been broken since September 16. On September 16 rejection, the altcoin declined to the low of $21. Today Chainlink is also falling after the recent rejection. The daily stochastic has indicated that Chainlink has fallen to the oversold region. Therefore, the current bearish move is likely to reach bearish exhaustion. The crypto may resume an upward move above $29.20 support if it finds support.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 59 of the Relative Strength Index period 14. The cryptocurrency is now in the bullish trend zone and it is above the centerline 50. Chainlink is below the 20% range of the daily stochastic. The market has fallen to the oversold region and buyers are likely to emerge.
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 is in a downward move as price breaks below the moving averages. Presently, the altcoin has fallen to the low of $29.20 as bulls bought the dips. Meanwhile, on October 24 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that LINK is likely to rise but reverse at level 1.272 Fibonacci extension or level $28.85. From the price action, Chainlink has reached the low of $29.20 and reversed.
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