The price of Chainlink (LINK) has broken out above the moving averages as the altcoin peaked at $16. The cryptocurrency resumes the uptrend after being rejected at the recent high. The altcoin has fallen back above the $15 support and resumed its uptrend.
The retracement suggests that further upward movement of the altcoin is possible. If the bulls break through the resistance at $16, Chainlink will rise to a high at $19. The altcoin will then be out of the downward correction and further upward movement is likely. On the other hand, if the bulls fail to break the recent high, the altcoin will fall and settle above the moving averages. LINK/USD is trading at $15.80 at the time of writing.
Chainlink indicator reading
The cryptocurrency’s price is above the moving averages, indicating a possible rise in the cryptocurrency. The price of LINK is at the 57 level of the Relative Strength Index for the 14 period, indicating that the altcoin is in an uptrend and could continue to rise. The altcoin is above the 25% range of the daily stochastic. The market is in a bullish momentum.
Technical indicators:
Major Resistance Levels – $55 and $60
Major Support Levels – $20 and $15
What is the next move for Chainlink?
Chainlink is in an uptrend as the market has reached the $16 high. The bulls have retested the resistance twice to overcome it. The uptrend will continue if the bulls break the resistance at $16. The price of Chainlink has fallen below the bullish trend line. This is an indication of a possible end to the uptrend.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.
Source: https://coinidol.com/chainlink-struggles-sustain-16/