Chainlink Revisits Its Peak Price, Battles Next Resistance at $31

Chainlink's (LINK) price is moving positively after rising above its moving averages. The cryptocurrency is likely to retest resistance at $31. Beyond that, the bullish momentum is likely to extend to the previous high of $35.

However, this is unlikely if the resistance at $31 remains unbroken. It is worth noting that the bulls have yet to break through $31 resistance since September 5. Therefore, the current bullish momentum will face tough resistance at the next resistance level. In the last price action, the price of LINK was rejected as the altcoin fell to a low of $21 as the bulls bought the dips. Meanwhile, the cryptocurrency is trading at $30.20 as we write this article.

Chainlink indicator reading

The Relative Strength Index for period 14 has risen to the value of 63. This indicates that the altcoin is in the upward zone and above the midline 50. LINK price is near the overbought region at level 70. The moving averages are running horizontally in line with the previous trend. Chainlink is above the 80% area of the daily stochastic. The cryptocurrency has reached the overbought region of the market.

Technical indicators:  

Major Resistance Levels - $55 and $60

Major Support Levels - $20 and $15

What is the next move for Chainlink?

Chainlink is in an uptrend after price broke through initial resistance at $27. The current upward momentum started on October 19. Meanwhile, on October 22, the uptrend started. A retreating candlestick has tested the 61.8% Fibonacci retracement level. The retracement suggests that LINK will rise to the Fibonacci extension level of 1.618 or the high of $33.01.

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.