Chainlink (LINK) Struggles Below $40, Upward Move Likely
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink price is rising but faces resistance at the $40 high. The uptrend was initially facing resistance at $38 which has been overcome. LINK price will rally to $44 overhead resistance if the current resistance is breached. On April 16 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that LINK will rise to level 2.618 Fibonacci extension or the high of $76.98. Presently, the altcoin is retracing from the recent high to the 21-day SMA support. The altcoin will resume upward move if the 21-day SMA support holds.
Chainlink (LINK) Indicator Analysis
The 21-day and the 50-day SMAs are sloping upward indicating the uptrend. The altcoin has a bullish crossover as the 21-day SMA crosses over the 50-day SMA. LINK has risen to level 58 of the Relative Strength Index period 14. It indicates that the crypto is in the uptrend zone and above the centerline 50.
Technical indicators:
Major Resistance Levels – $46, $48, $50
Major Support Levels – $30, $28, $26
What Is the Next Direction for Chainlink (LINK)?
On the 4 hour chart, LINK is in a brief uptrend as it faces resistance at $40. The Fibonacci tool has indicated an upward move and a possible reversal. On May 1 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement implies that LINK will rise and reverse at level 1.272 Fibonacci extensions or the high of $42.94.
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