Chainlink Experiences an Impressive Rise But Stalls at $8.04
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink’s (LINK) price has continued to rise above the $7.00 resistance level as it makes an impressive rise but stalls at $8.04 . The cryptocurrency asset surged to a high of $8.07 on September 29, which represents an overbought area of the market. Chainlink achieved a high of $8.44 on July 20 during the prior uptrend but was unable to continue moving higher.
For today’s rising movement of the cryptocurrency, the altcoin has retraced to the low $7.96. The coin is being pushed by buyers to reach its previous all-time high price of $8.79. On the plus side, the overbought zone is where the present rally is now. The altcoin has been reversing in the overbought area of the market since February. It’s doubtful that the asset will rise higher still.
Technical indicators:
Major Resistance Levels – $8.00, $10.00, $12.00
Major Support Levels – $6.00, $4.00, $2.00
Chainlink (LINK) Indicator Analysis
According to the Relative Strength Index, the current uptrend has already risen to level 72 for period 14 . This suggests that the bullish run’s end is near for the present upswing. The fact that the price bars are above the moving average lines allows for the price rise. If the price retraces and breaks below the moving average lines, the present uptrend will come to an end.’ Above the daily Stochastic’s level 80, Chainlink has been in a positive trend. The coin has been overbought.
What Is the Next Direction for Chainlink (LINK)?
Chainlink’s rising trend might persist as it experiences an impressive rise but stalls at $8.04 . The upswing has been steady, with prices making higher highs and higher lows on a regular basis. The rise has partially stalled at the $8.04 high.
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