Chainlink’s Uptrend Halts as Buyers Challenge the $7.00 High
Estimated Reading Time: 2 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink (LINK), which fell to a low of $5.74, has picked up steam again as buyers challenge the $7.00 high . The price of cryptocurrency is creating a series of higher highs and higher lows. The bullish momentum has broken above the moving average lines, but has halted near the $7.00 high.
The price of LINK has returned above the moving average lines. If the price retraces below the moving average lines, the decline will restart. The uptrend will resume if prices retrace and continue to trade above the moving average lines. On the upside, if the bulls break over the $7.00 resistance, the altcoin will soar to prior highs of $7.50 and $8.50.
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 is trading in the bullish trend zone at the Relative Strength Index level 58 for period 14. The coin has the potential to rise even more. In addition, price bars above the moving average lines will force the altcoin upward. Chainlink is currently rising because the altcoin had previously plummeted to the market’s oversold region. It was lower than the daily Stochastic level of 20.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s upward trend continues, with the altcoin retracing above the moving average lines as buyers challenge the $7.00 high . The resistance at $7.00 is currently impeding the advance. The cryptocurrency asset will restart its upward trend if buyers keep the price over the $7.00 resistance.
You can purchase crypto coins here. Buy LBLOCK
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
