Chainlink Surges Ahead, Faces Rejection at $52 Resistance Zone

May 10, 2021 at 07:08 // News
Coin Idol
The LINK price has reached a new high but is fluctuating below the $51.20 resistance

Since May 1, Chainlink has been in an upward move. The altcoin has risen to a high of $51.20 after breaking the previous resistance at $44.

The previous resistance caused Chainlink to fall to the previous low at $30. The bulls bought the dips as LINK rebounded above $30 support. The LINK price has reached a new high but is fluctuating below the $51.20 resistance. 

On the upside, the altcoin is fluctuating between levels $46 and $52. If the price breaks the $52 resistance it will signal the resumption of the uptrend. The market is likely to rise to a high of $70. Conversely, if the bears break the $46 support, the market will decline below the $44 crucial support. Meanwhile, Chainlink is trading at $50.96 at the time of writing  

Chainlink indicator reading 

LINK is above the 80% range of the daily stochastic. The altcoin is trading in the overbought region of the market. LINK is at level 65 of the Relative Strength Index period 14. LINK price is in the bullish trend zone and capable of rising on the upside.

LINK chart 1005.jpg

Technical indicators:  

Major Resistance Levels – $55 and $60

Major Support Levels – $30 and $25

What is the next move for Chainlink?

Chainlink has resumed an upward move after breaking the resistance at $44. Further upside moves are likely. On April 15 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. This retracement implies that the market will rise to level 2.618 Fibonacci extensions or the high of $77.08. From the price action, buyers are attempting to push above the $52 resistance.

Disclaimer. This analysis and forecast are the author’s personal opinions and 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.

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