Chainlink Reaches Overbought Region as It Faces Rejection at the $7.50 High

Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink (LINK) price has resumed its positive trend but faces rejection at the $7.50 high . It’s challenging because the $7.50 barrier hasn’t been broken since February 21. On the plus side, Chainlink might increase to $8.50 if the current resistance level is broken. The risk of the crypto asset losing value exists if it is unable to break through the $7.50 level resistance. The cryptocurrency will drop depending on the location of the moving average lines. According to the price indicator, LINK will rise to level 2.0 of the Fibonacci extension, or $8.38.

Chainlink (LINK) Indicator Analysis
Chainlink is at level 53 of the Relative Strength Index for period 14. The altcoin has room to increase significantly because it is in a favorable trend zone. The price of LINK will rise when price bars cross over the moving average lines. The daily Stochastic indicates that the altcoin is trading in an overbought area of the market. As a result, the most recent high will act as a barrier against the bullish momentum. It is above the daily Stochastic level of 80.

Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00

What Is the Next Direction for Chainlink (LINK)?
Chainlink is currently trading in the bullish trend zone but faces rejection at the $7.50 high. The current upward momentum can be maintained if the price retraces above the moving average lines. The current rally may cease if the price drops below the moving average lines.

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