Chainlink Recovers But Challenges Resistance At $7.00

Jan 15, 2023 at 10:27 // Price
Coin Idol
After the recent correction, Chainlink is trading in the uptrend zone

The price of Chainlink (LINK) is in a bullish trend zone as buyers are holding the price above the moving average lines.

Chainlink price long term analysis: bullish 

Chainlink has been trading below the $6.00 resistance level or moving average lines since December 16. The altcoin has risen to a high of $7.10 today after crossing the moving average lines. The altcoin has risen into an overbought region of the market. The price of LINK has retreated above the support level of $6.00. On the plus side, if the current support holds, Chainlink will return to its previous high of $8.00 or $9.48. If the price falls below the $6.00 support level or below the moving average lines, selling pressure will resume. At the time of writing, Chainlink is trading at $6.73.

Chainlink indicator display 

Chainlink's Relative Strength Index is at 67 for the 14 period, currently trading in the up zone and could continue to rise. As long as the price bars are above the moving average lines, the cryptocurrency will rise. LINK is currently in a bearish momentum below the daily Stochastic threshold of 80. The increasing slope of the moving average lines indicates an uptrend.

LINKUSD(Daily Chart) - January 14.23.jpg

Technical indicators: 

Key resistance levels - $30 and $35

Key support levels - $10 and $5 

What is the next move for Chainlink?

After the recent correction, Chainlink is trading in the uptrend zone. The altcoin rallied above the $6.00 support level but missed the $7.00 resistance level. If the price breaks above the recent $7.00 resistance level, the uptrend will resume. The downtrend will continue if the price of Chainlink falls below the moving average lines.

LINKUSD(4 Hour Chart) - January 14.23.jpg

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 in funds.

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