Chainlink Could Continue Sideways Movement Despite a Price Increase
Jul 31, 2022 at 15:13 //
NewsChainlink (LINK) is rebounding as the price breaks above the moving average lines. The cryptocurrency is rising as the altcoin approaches the $10 resistance zone.
Chainlink (LINK) price long-term analysis: bullish
On June 9, the price of LINK, tried to break the $10 resistance zone but was rejected at $9.63. The altcoin fell to a low of $5.31 and continued its sideways movement. Today, the uptrend resumed as Chainlink regained the $10 resistance level. A break above the $10 resistance will catapult the cryptocurrency to a high of $12. Bullish momentum can be extended to a high of $18. LINK /USD is trading at $7.78 at the time of writing.
Chainlink (LINK) Indicator Reading
Chainlink is at level 62 of the Relative Strength Index for period 14. The cryptocurrency is in the bullish trend zone and is capable of further upward movement. The altcoin will rise as long as the price bars are above the moving average lines. The altcoin is above the 80% area of the daily stochastic. The current uptrend has reached the overbought area. The current uptrend could end. The 21-day line SMA and the 50-day line SMA are horizontally sloping, indicating a sideways trend.
Technical Indicators
Key resistance zones: $7, $8, $9
Important support zones: $4, $3, $2
What is the next move for Chainlink (LINK)?
Chainlink has been in a sideways trend since May 12. The sideways trend is triggered by the presence of a small indecisive candle, the doji candle. The sideways movement could end if the bulls overcome the resistance at $10. However, the sideways movement could continue if the altcoin encounters rejection at the $10 resistance zone.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow