Chainlink Is in a Fresh Uptrend, Unable to Break Recent High

Chainlink (LINK) is rallying and climbing to a high of $16.89.

The cryptocurrency previously broke the low at $15.05 and fell to the low at $13.50 before the bulls bought the dips. The uptrend is likely to continue as the cryptocurrency price has broken the initial resistance at $16.46.

The current uptrend is likely to extend to the high of $18. However, if buyers push Chainlink above the high of $25, LINK /USD will be in the uptrend zone. The altcoin will be able to move higher. The crypto is currently facing resistance at the $17.50 high. Chainlink is expected to reach the overbought area of the market. The current upward movement is doubtful as it faces rejection at the recent high.

Chainlink indicator reading

Chainlink price breaks above the resistance line of the descending channel. The uptrend will resume when the price breaks above the resistance and closes. The cryptocurrency is at the level 46 of the Relative Strength index period 14. It indicates that the market is in the downward zone and below the center line 50. The cryptocurrency is above the 80% area of the daily stochastic. It indicates that the altcoin is in the overbought region. The selling pressure is likely to resume.

Technical indicators:

Major Resistance Levels - $55 and $60

Major Support Levels - $20 and $15

What is the next move for Chainlink?

Chainlink is making positive moves but is currently struggling with resistance at $17.50. Meanwhile, on July 23, a retraced candlestick has tested the 61.8% Fibonacci retracement level. This retracement suggests that the market will rise to the 1,618 Fibonacci extension level or the $18.27 level.

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.