Chainlink Surges as It Pursues the $7.50 Peak

Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink (LINK) has re-established bullish momentum as it pursues the $7.50 peak. The price indicator predicts that the crypto asset will rise to its previous peak. In the meantime, buyers have kept the price above the moving average lines . A retraced candle body tested the 61.8% Fibonacci retracement level on June 25 upswing.

The retracement predicts that LINK will increase to the Fibonacci extension level of 1.618, or $7.18. On the plus side, if the cryptocurrency price maintains above the moving average lines, the current rally will continue. The bullish trend, on the other hand, will stop if the price falls below the moving average lines.

Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00

Chainlink (LINK) Indicator Analysis
Chainlink will rise because it is at level 44 of the Relative Strength Index for period 14. The price bars are currently above the moving average, indicating that the coin may rise. Chainlink has a strong momentum over the daily Stochastic threshold of 75. The altcoin is also reaching the market’s overbought zone.

What Is the Next Direction for Chainlink (LINK)?
The cryptocurrency asset has rebounded from its slump as it pursues the $7.50 peak. It is rising higher than the moving average lines. LINK’s price is currently approaching the market’s overbought zone. However, an overbought condition might not persist in a market that is strongly soaring. The price of cryptocurrency will rise to reach the market’s target locations.

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