Chainlink Regains Strong Momentum as It Attempts to Breach $7.00

Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has fallen since testing the resistance level as it attempts to breach $7.00. As soon as the price drops below the 21-day line SMA, selling pressure resumes. Currently, the asset’s price is fluctuating between the moving average lines. As the price of LINK dropped to its low of $6.76 and then recovered, the selling pressure decreased. Chainlink will be forced to move range-bound between the moving average lines, which are a drawback. The cryptocurrency price is currently trying to break through the $7.00 resistance level or the 21-day line SMA after regaining strong momentum today. On the plus side, when the altcoin declines below the 21-day line SMA, the uptrend is unlikely to persist. At at now, the altcoin is trading between $5.50 and $7.50, which was its previous price range.

Chainlink (LINK) Indicator Analysis
For period 14, the Relative Strength Index was at 51. The price of alternative currencies has reached equilibrium as a result of a balance between supply and demand. The fact that the price bars are situated between the moving average lines suggests that the coin may move within a range. Above the daily Stochastic threshold 25, the alternative currency is in a positive momentum.

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)?
Chainlink’s  rally is failing as it attempts to breach $7.00. It’s unlikely that the altcoin will continue to rise. As the uptrend has broken, the cryptocurrency asset can continue its range-bound movement.

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