Chainlink Regains Bullish Momentum, Battles the Resistance $28
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has regained bullish momentum but battles the resistance $28. Presently, the upward move is facing resistance at the $28 high. The $28 high is an overbought region of the market. The upward movement will be accelerated if the resistance zone is cleared. Meanwhile, on December 27 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 $35.81 high. From the price action, the market has reached a high of $28.11.
Chainlink (LINK) Indicator Analysis
Chainlink is at level 68 of the Relative Strength index period 14. The altcoin is in the uptrend trend zone and above the centerline 50. The market is also approaching the overbought region. The crypto’s price is well above the moving average which indicates a possible rise of the coin. . LINK is above the 80% range of the daily stochastic. The market has reached the overbought region. It indicates the current trend may terminate and fall. The 21-day and 50-day SMA are sloping upward indicating the uptrend.
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 price is in an uptrend but battles the resistance $28. The crypto is battling the resistance at $28. Meanwhile, on January 5 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that LINK will rise to level 2.0 Fibonacci extension or $35.81.
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