Chainlink Continues Its Bullish Rise Above $13

Chainlink's (LINK) price has moved back above the moving average lines after falling to a low of $11.70.

LINK price long-term analysis: bullish

The upward trend reached a high of $14.21 before pulling back. The cryptocurrency has risen above the 50-day SMA support but remains below the resistance at $14.00.

On the downside, if bearish momentum pushes the price below the moving average lines, it will return to its range above $12. Conversely, LINK will continue to rise if it retraces and holds above the 50-day SMA. Chainlink is expected to increase and retest the $14 resistance. A break above $14 could take the altcoin to a high of $16.50. Currently, the cryptocurrency is trading at $13.20.

Technical indicators:  

• Resistance Levels – $25 and $27

• Support Levels – $10 and $5

LINK price indicators reading

The price bars are positioned above the horizontal moving average lines. The upward trend has faced resistance; however, it has retraced above the 50-day SMA support. The rising trend is expected to resume as the altcoin remains above the 50-day SMA support. On the 4-hour chart, the price bars are below the upward-sloping moving averages.

What is the next move for Chainlink?

The LINK price is declining, although selling pressure has eased above the $13 support. On the 4-hour chart, the altcoin is trading above the $13 support but below the resistance at $14.20.

Today, LINK is rising, but it will encounter resistance near the moving average lines. Chainlink will begin its upward movement if buyers push it above the moving average lines.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.