Chainlink Price Outlook: Drops at Overbought Region $12
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Chainlink (LINK) Long-Term Analysis: Bullish
The price of Chainlink (LINK) has reached bullish exhaustion as it reaches the overbought region at $12. The cryptocurrency asset outperformed the $10.69 target price. The present upswing has come to a halt at the $12 barrier level. Extended candlestick wicks can be seen in the price action at the most recent peak.
Long wicks imply that there is a lot of selling pressure at higher price levels. Chainlink has been trading sideways since October 25, with the current trend ending around the $12 barrier level. The coin’s price is now ranging between $10 and $12. If sellers arise in the market’s overbought region, the existing support is likely to be broken.
The price of LINK will fall and retest the breakout level of $8.26. Meanwhile, at the time of writing, LINK/USD is trading at $8.26.
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 moving average lines are trending north as the rally draws to a conclusion. Price bars are above the moving average lines throughout the chart, showing the previous uptrend. Because of the current sideways trend, the moving average lines in the lower period are pointing in opposite directions horizontally.
What Is the Next Direction for Chainlink (LINK)?
The crypto asset is trading horizontally as it reaches the overbought region at $12. With the market getting closer to the overbought area, there is less chance of further upward move of the cryptocurrency. Currently, a coin can be purchased for between $10 and $12. The altcoin price is steadily declining, and the cryptocurrency price is holding above $11.
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