Chainlink (LINK) is trading above its 50-day line SMA but below its 21-day line SMA. The market has reached a high of $29.14 at the time of writing.
Buyers are trying to push the cryptocurrency above the 21-day line SMA as the altcoin regains upward momentum. If buyers are successful, Chainlink will return to the bullish trend zone. Also, LINK /USD will rise and retest resistance at $35. However, the uptrend depends on breaking the resistance at $29 and sustaining the bullish momentum. In the last price action, the resistance was broken, but buyers could not sustain the upward movement.
The altcoin is at level 52 of the Relative Strength index period 14, indicating that the cryptocurrency asset is in an uptrend and has room to move higher. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend. If the bulls break out above the 21-day line SMA and the 50-day line SMA, the uptrend will resume. The altcoin is above the 25% range of the daily stochastics. The stochastic bands are pointing upwards.
Major Resistance Levels - $55 and $60
Major Support Levels - $20 and $15
LINK/USD is moving in a price range. On September 14, the bulls broke through resistance at $29 as price peaked at $32. Buyers failed to sustain the bullish momentum as the altcoin faces rejection. Chainlink fell back into the range zone but is recovering to reach the previous high.
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.