Chainlink Bounces But Falters Below The Barrier At $17
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has resumed a positive trend but falters below the barrier at $17. The bulls broke above the present range-bound trend and the $16 resistance level. The currency has reached a high of $17.19 at the time of writing. On the upside, if the bullish momentum continues, the altcoin will reach historical highs of $20 and $22.
Currently, the upward movement is meeting the first resistance at $17. The price movement has paused near the latest high, which was previously supported on March 20. If the current resistance is breached, an upward trend will begin. However, if the altcoin is rejected at the current high, it will be forced to trade sideways below the resistance level. LINK/USD will move above the moving average lines but below the resistance level.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
Following the current price bounce, the price bars have risen above the moving average lines. The altcoin is rising, but it is struggling to break through the barrier at $17. The price bars on the 4-hour chart are higher than the lines representing the moving average, suggesting an upward trend. The moving average lines have created a bullish crossover, signaling a positive trend.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s price has broken out of its range-bound movement but falters below the barrier at $17. On the 4-hour chart, Chainlink has surged to a high of $17, but the upward trend has paused at that level. For the last 48 hours, the altcoin has fluctuated below the resistance level. If the crypto signal continues to be strong, the altcoin is projected to surpass its prior high of $22.
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