Chainlink (LINK) is in a gentle uptrend. Bulls have broken through resistance at $15 and $17. Buyers are pushing up to break through resistance at $19. Breaking through the $19 resistance is crucial as it would catapult Chainlink to the $28 high.
The cryptocurrency would then be out of a downward correction. However, if the bulls fail to break the resistance at $19, Chainlink will decline and be forced to move within the trading range. In other words, the altcoin will fall and find support above $15. The cryptocurrency will once again move in a range between $15 and $19. However, if the bears fall below the $15 support or below the moving averages, the downward correction will continue. Meanwhile, LINK/USD is trading at $17.81 at the time of writing.
Chainlink indicator reading
Due to the recent uptrend, Chainlink has risen to level 66 on the Relative Strength Index for period 14. The altcoin is also approaching the overbought area of the market. Chainlink has a bullish crossover. The 21-day line has crossed above the 50-day moving average, which is a buy signal. The altcoin is above the 80% area of the daily stochastic. The stochastic indicates that the market is overbought.
Technical indicators:
Major Resistance Levels – $55 and $60
Major Support Levels – $20 and $15
What is the next move for Chainlink?
Chainlink has resumed its uptrend. The cryptocurrency reached the high of $18, but failed to break the recent high. On March 31, the bulls tested $18 again but were rejected. If the bulls break the recent resistance today, the market will rally above $19.
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-28-high/