Chainlink Retraces to $17 Low as Bulls Attempt To Resume Uptrend
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price fell to $17.55 low as bulls attempt to resume uptrend. After the retracement, buyers are attempting to break the resistance at $19. The breaking of the $19 resistance is crucial to a further upward movement of the cryptocurrency. For instance, if the bulls break the resistance at $19, Chainlink will rally to $28 high. Nevertheless, if the bulls fail to break the resistance at $19, the altcoin will decline and be compelled to a range-bound move. The crypto will resume a range-bound move between $15 and $19 price levels. Today, the altcoin is retracing from the $19 resistance zone. The uptrend will resume if price finds support above the moving averages. However, the downtrend will resume if price breaks below the $15 support.
Chainlink (LINK) Indicator Analysis
Chainlink has fallen to level 63 of the Relative Strength Index for period 14. The altcoin is still in the uptrend zone and capable of further upward. Chainlink has a bullish crossover. That is, the 21-day line has crossed above the 50-day line moving average indicating a buy order. The altcoin is below the 80% range of the daily stochastic. The cryptocurrency is now in bearish momentum.
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)?
Chainlink is in a downward move as bulls attempt to resume uptrend. The price is making a series of higher highs and higher lows. Presently, it is retracing to the support above the moving averages or the trend line. The cryptocurrency will resume a fresh uptrend if price retraces and holds above moving averages or trend line. The downtrend will resume if price breaks below the moving averages. The market is likely to further rise.
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