Chainlink is in an Uptrend as Buyers Intend to Reclaim the $27 High

Chainlink (LINK) returns to oversold territory as the price reaches the low of $13.47. Today, Chainlink has risen back above current support and reached the high of $16.30.

A rise to a high of $27 is likely if the price breaks above resistance at $18. The July 20, 2021 price action is likely to repeat as it is the historical price level of $13.47. On July 20, 2021, the price of LINK recovered from the support at $13.50 and reached the high of $35. Since September 6, the $35 high has not been breached. Today, Chainlink resumed the uptrend and retested the previous highs.

Chainlink indicator reading

Chainlink is below the 20% range of the daily stochastic. The stochastic bands are sloping upwards, indicating an upward movement in prices. Buyers are expected to emerge in the oversold region. The LINK price is still below the moving averages, indicating a possible decline. This is unlikely as the altcoin has reached an oversold region of the market.

Technical indicators:  

Major Resistance Levels - $55 and $60

Major Support Levels - $20 and $15 

What is the next move for Chainlink?

Chainlink is on an upward trajectory as the altcoin is moving back up from its historical price level. Meanwhile, a downtrend started on December 14. A retracement candlestick has tested the 78.6% Fibonacci retracement level. The retracement suggests that LINK will fall to the 1.272 Fibonacci extension level, or $12.29. Based on the price action, Chainlink fell to $13.47 and then continued its upward movement.

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.