The price of Chainlink (LINK) is in a sideways trend as it trades below the moving average lines. The cryptocurrency is trading in a limited range between $6.70 and $8.00.
On October 13, the bears broke the lower price range and reached the low of $6.29. However, the bulls bought the price losses as the altcoin corrected back to the range. Today, the lower price range holds as the altcoin resumes its sideways trend. As buyers push the altcoin above the moving average lines, the upper price range will be retested. Chainlink is trading at $6.95 at the time of writing.
Chainlink indicator reading
LINK has declined to level 41 on the Relative Strength Index for the 14 period. The altcoin has recovered from the recent collapse. The price is below the moving average lines indicating a possible decline. The altcoin is in a bullish momentum as it is above the 60% area of the daily stochastic.
Technical indicators
Key Resistance Zones: $10, $12, $14
Key Support Zones: $9, $7, $5
What is the next move for Chainlink?
Chainlink is in a downtrend as the price breaks below the moving average lines. The altcoin corrected upwards to the high of $7.93. The rejection of the recent high made the altcoin fall further to a low of $6.60. The uptrend will resume when the price rises above the moving average lines. The downward correction will continue when Chainlink turns down from the moving average lines.
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 in funds.
Source: https://coinidol.com/chainlink-recovers-6-29/