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The price of Chainlink (LINK) is trading in the bullish zone as the altcoin breaks above the moving averages. Currently, the upward movement has stalled below the high of $24.26. Buyers have been desperately trying to break above the recent high since August 3.
Further upside is possible if the price rises above the $24 high. Chainlink will reach a high of $30 or $34 if the bulls are successful above the recent high. Nonetheless, the price of LINK will continue to fluctuate between $22 and $24 if the recent high remains unbroken.
Chainlink indicator reading
The Chainlink indicator is at level 70 of the Relative Strength index period 14. LINK is in the overbought zone of the market. Sellers are likely to show up and push prices down. The cryptocurrency is above the 80% area of the daily stochastic. The market is still in the overbought zone as sellers could emerge.
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. An uptrend line is drawn indicating the support levels of the price. The uptrend will continue as long as the price bars are above the moving averages. The uptrend will also continue if the line remains unbroken. However, selling pressure will increase again if the price falls below the trend line.
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.