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Chainlink (LINK) is still in a downward correction as the altcoin tries to break out above its moving averages. Today, the price of LINK faces rejection at the high of $26.
If buyers had broken above resistance at $26, the altcoin would have risen to $30. The rise to $30 will push the altcoin into the bullish trend zone. Moreover, the altcoin will then continue its upward movement. Nevertheless, Chainlink is facing resistance at its recent high. The uptrend will continue if buyers overcome the current resistance. Otherwise, the range between $21 and $26 will continue for a few more days.
Chainlink indicator reading
The cryptocurrency is at the 50 level of the Relative Strength Index of period 14, indicating that there is a balance between supply and demand. Chainlink will resume its upward movement when the price rises above the 21-day line SMA and the 50-day line SMA. The altcoin is above the 65% range of the daily stochastic. The altcoin 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?
LINK/USD is in a downward correction. Today, buyers are trying to break through resistance at $26. If they succeed, it would be a sign of resumption of the uptrend. However, if the altcoin falls back and breaks below the current support, the market will retrace and retest the 2.0 Fibonacci extension or the $12.27 level.
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.