Chainlink Rebounds but Rallies to an Overbought Region at $7.37
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Chainlink (LINK) Long-Term Analysis: Bullish
Chainlink (LINK) is in an uptrend as it rallies to an overbought region at $7.37. The current uptrend is approaching the resistance at $7.50. Since June 16, buyers have not kept the price above the resistance level. On the upside, if the current resistance is breached, the coin will rise to the high of $9.63. On the other hand, Chainlink will decline below the moving average if it faces rejection at the resistance. The uptrend will resume if price falls above the moving average lines.
Chainlink (LINK) Indicator Analysis
The altcoin is at level 60 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bullish trend zone as price breaks above the moving average lines. A further uptrend is likely if the bullish momentum is sustained.LINK’s price bars are above the moving average lines indicating a price rise. LINK is above the 80% area of the daily stochastic. The market has reached the overbought region . Sellers will emerge in the overbought region.
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)?
LINK/USD has regained bullish momentum as it rallies to an overbought region at $7.37. Because of this, the altcoin will face rejection at the recent high. The coin may retrace above the 21-day line SMA and later resume a fresh uptrend.
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