Chainlink Rally Stalls at $34 as Bulls Initiate a New Uptrend

Chainlink (LINK) is rising to retest the previous high of $34. Today, the cryptocurrency has reached the high of $30 but is facing rejection at a minor resistance of $32. Buyers intend to keep the price high above $34.

If the buyers manage to overcome the resistance, the cryptocurrency will regain the previous high of $36. In the October 26 uptrend, the bulls were close to reaching the previous high of $36. Buyers pushed the altcoin to the high of $34 and tested it twice before being rejected. Chainlink fell to a low of $27 as bulls bought the dips. The altcoin has started a new uptrend to regain the previous high. LINK/USD will move sideways again if the altcoin fails to break the recent high. 

Chainlink indicator reading

The recent retracement has resulted in the altcoin reaching the 55 level of the Relative Strength Index of period 14. The cryptocurrency is capable of further upward movement as it is above the midline 50. The cryptocurrency value is below the 80% range of the daily stochastic. The market is in a bearish momentum.

Technical indicators:  

Major Resistance Levels - $55 and $60

Major Support Levels - $20 and $15

What is the next move for Chainlink?

Chainlink is trading above the moving average. The price bars are finding support above the moving averages. Meanwhile, the uptrend from October 26 showed a retreating candlestick testing the 38.2% Fibonacci retracement level. The retracement suggests that LINK will rise to the 2.618 Fibonacci Extension level or the $46.96 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.