Chainlink’s Uptrend Halts at $21 as It Commences a Sideways Move
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price is rising above its moving average lines as it commences a sideways move. On February 12, the cryptocurrency price rose to a high of $20.84 but failed to break above the resistance at $21. The altcoin has been in a sideways trend for the past month, failing twice to break through the recent high. On March 3, the LINK price went above the moving average lines, hitting the resistance level of $21.
The altcoin fell above the $17 support, but bulls bought the dips. The cryptocurrency’s price has recovered above the moving average lines, although it remains below its recent high. Chainlink is worth $19.68 at the time of writing. It will rally to a high of $25.61 if the current resistance is broken. However, if the bulls fail to breach the recent high, the altcoin will trade between $17 and $22.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
The cryptocurrency price is above the moving average lines after bulls purchased dips. The rising trend has been hampered by resistance near $21. The horizontal moving average lines are trending up, indicating an uptrend. Price movement is now restrained by Doji candlesticks.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price is declining below the moving average lines as it commences a sideways move. The upward trend has been hampered by the moving average lines. Currently, it is caught between the moving average lines. Given that the price of LINK is trapped in a range, a sideways move is probably imminent.
However, on the daily chart, the price bars are higher than the moving average lines. This suggests that the cryptocurrency signal is likely to be positive.
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