Chainlink Retraces to $24 Low, Uptrend Is Likely
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has broken into the bullish trend zone indicating that an uptrend is likely. Presently, the uptrend has been interrupted as the altcoin dropped to a $24 low. The crypto is fluctuating above the current support or moving averages. As the altcoin finds support above the moving averages, there is a tendency for a further upward move. If buyers break the resistance level, Chainlink will rise to the previous high of $34.50. Conversely, if the bears break below the moving averages the downtrend will resume. Chainlink will decline to the previous low t $19 low. LINK/USD is trading at $25.68 as of press time .
Chainlink (LINK) Indicator Analysis
The altcoin is in the bullish trend zone despite the earlier drawdown. The crypto’s price is above the moving averages indicating a possible upward move. LINK price is likely to resume a fresh uptrend to retest previous highs. Chainlink is below the 50% range of the daily stochastic. The bearish momentum has subsided as the altcoin prepares for an 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, the LINK price retracement has subsided indicating that an uptrend is likely. The selling pressure has reached bearish exhaustion. Meanwhile, on January 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that LINK will rise to level 1.618 Fibonacci extension or $34.28 high.
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