Chainlink Continues Its Bull Run and Prepares to Recapture the $28 High

Jan 09, 2022 at 13:28 // Price
Coin Idol
Buyers are still struggling to overcome the overbought area of the market

The price of Chainlink (LINK) is in an uptrend. The cryptocurrency has broken through the moving averages, but faces rejection at the $28 resistance zone.

Chainlink (LINK) price long-term analysis: bullish

Today, Chainlink is trading at $25.85 at press time. In the uptrend from December 26, buyers had difficulties to overcome the moving averages. As a result, they were rejected, but on January 1, buyers were successful when they broke out above the moving averages. If the buyers overcome the $28 resistance zone, Chainlink will rise to the $35 high. 

The cryptocurrency is falling back from the recent high after leaving the resistance zone at $28. The market will rise again if the price finds support above the moving averages or $24. However, if the price breaks below the moving averages, the downtrend will resume.

Chainlink (LINK) indicator display 

The altcoin is at level 64 of the Relative Strength Index for the period 14. The altcoin is in the uptrend zone and above the midline 50. LINK/USD is capable of further upward movement. Chainlink is below the 80% area of the daily stochastic. The market is in a bearish momentum. The cryptocurrency price is above the moving averages. The altcoin will continue to rise to the upside.

LINKUSD(Daily Chart) - JANUARY 8.png

Technical Indicators: 

Key resistance levels - $55 and $60
Key support levels - $20 and $15

What is the next step for Chainlink (LINK)?

LINK/USD has broken into the bullish trend zone. Buyers are still struggling to overcome the overbought area of the market. Meanwhile, the uptrend from January 6 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that LINK will fall to the 2.0 Fibonacci extension level or the high at $35.85.

LINKUSD(4 Hour Chart) - JANUARY 8.png

Disclaimer. This analysis and forecast are the personal opinions of the author 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. 

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