Chainlink Rallies to an Overbought as It Targets the $10.18 High
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink (LINK) has resumed its uptrend as it targets the $10.18 high. The cryptocurrency has broken the initial resistance at $7.51 as it rallied to the next resistance at level $9.52. Today, the bulls are struggling to break the resistance at $9.52. On the upside, if the bulls break the resistance at $9.52, Chainlink will further rise to the high of $12.28. The bottom line is that the market has reached the overbought region. Therefore, a further upward move is doubtful. However, if the altcoin turns from the recent high, the altcoin will decline and finds support above $7.51.
Chainlink (LINK) Indicator Analysis
The altcoin is at level 71 of the Relative Strength Index for period 14. LINK price has reached the overbought region because of the recent price movement. LINK’s price bars are above the moving averages which makes it possible to rise. LINK is above the 80% area of the daily stochastic. The market has reached the overbought region of the market. The price indicators are all confirming that the market is overbought. Chainlink is likely to decline. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.
Technical indicators:
Major Resistance Levels – $18.00, $20.00, $22.00
Major Support Levels – $8.00, $6.00, $4.00
What Is the Next Direction for Chainlink (LINK)?
LINK/USD has risen to an overbought region of the market as it targets the $10.18 high. Chainlink is likely to retrace as sellers emerged in the overbought region of the market. However, if buyers breach the resistance at $9.52, the uptrend will continue. Meanwhile, on July 30 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that LINK will rise to level 2.0 Fibonacci extension or $10.18.
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