Chainlink Trades in Range as Buyers and Sellers Reach a Period of Indecision
Sep 12, 2021 at 10:52 //
NewsChainlink's (LINK) price has fallen to a low of $25.69 and has recovered. The recent downward momentum has subsided as the market has resumed a sideways trend.
Chainlink's price was choppy after the downward momentum on September 7. The cryptocurrency has been fluctuating between $25.50 and $29.50. The LINK price has tested the lower price area twice but has been rejected as the altcoin resumed its upward trend. Today, buyers are pushing the altcoin higher to retest resistance at $30. On the upside, a break above resistance will catapult the altcoin to a high of $36. On the other hand, if the bears break the lower price range, the altcoin will continue to fall to a low of $22. Meanwhile, LINK/USD has resumed its uptrend and regained its previous highs.
Chainlink indicator reading
The cryptocurrency is at level 49 on the Relative Strength Index for period 14, indicating a balance between supply and demand. LINK is above the 30% range of the daily stochastic. This suggests that the cryptocurrency is in a bullish momentum. The market is rising to retest resistance at $30.
Technical Indicators:
Key Resistance Zones: $48, $50, $52
Key Support Zones: $20, $18, $16
What is the next move for Chainlink?
Chainlink is in a downward correction. The price action is limited to the $25.50 to $29.50 range. Chainlink will move when the trading range boundaries are broken. Meanwhile, the altcoin is moving higher. Buyers need to break above the moving averages and overcome the resistance at $30 to resume the uptrend.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow