Chainlink Breaks Resistance at $30, Pulls Back to Retest It

Sep 05, 2021 at 09:22 // News
Coin Idol
Chainlink is likely to resume its upward momentum

The price of Chainlink (LINK) has resumed its uptrend after breaking above resistance at $30. In the lower time frame, LINK price broke through the resistance level and pulled back to retest $30 support.

This confirms that the breakout and upside move is real. Chainlink is likely to resume its upward momentum once the price breaks the current resistance. If the market resumes its upward movement, the first price target for the altcoin is $35. The bullish momentum is likely to continue to the upside. However, if the altcoin is rejected at the recent high, LINK /USD will fall and find support above the $30 breakout level.

Chainlink indicator reading

The Chainlink price is at the 65 level of the Relative Strength index period 14, indicating that the cryptocurrency is in the uptrend and approaching the overbought zone of the market. The altcoin is below the 80% area of the daily stochastic. The stochastic bands are trending upwards. The 21-day line SMA and the 50-day line SMA are trending up, indicating an uptrend.


Technical indicators:

Key Resistance Levels - $55 and $60

Key Support Levels - $20 and $15

What is the next step for Chainlink?

LINK/USD has resumed an uptrend after the breakout. A bullish trend line indicates the support levels of the price. The uptrend will continue as long as the trend line remains unbroken. The price action shows a bullish crossover confirming the uptrend.


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.

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