Chainlink Rebounds as It Hits the $12.75 Critical Support

Chainlink (LINK) Long-Term Analysis: Bearish
Chainlink’s (LINK) price has resumed its bullish ascent as it hits the $12.75 critical support. The present support has held since April 13 as the coin rises towards the moving averages. A break above the moving average lines will cause the altcoin to surge to its previous high of $19.

Chainlink will have to trade in a range above the current support and below the moving average lines if the moving average lines reject the current positive momentum. In other words, the coin’s price will range from $12.75 to $15. The altcoin is now trading at $14 at the time of writing.

Technical indicators:  
Major Resistance Levels – $20.00, $22.00, $24.00
Major Support Levels – $12.00, $10.00, $8.00

Chainlink (LINK) Indicator Analysis 
Chainlink is rising, but the price bars remain below the moving average lines. The price bars on the 4-hour chart are rising above the moving average lines following the recent market rebound. On the upside, the altcoin will encounter an initial resistance at the 21-day SMA. The Doji candlestick pattern is causing the altcoin to slightly increase in value.

What Is the Next Direction for Chainlink (LINK)? 
Chainlink resumes its upward trend as it hits the $12.75 critical support. The uptrend will start if buyers push the price above the moving average lines. The altcoin will trade below the moving average lines if it faces rejection at its recent high. On the other hand, a price rebound will send the altcoin above the moving average lines, resuming the rally. In the meantime, the crypto signal is positive.

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