The price of Chainlink (LINK) is rising after reaching a high of $7.00 on January 14. Once the altcoin entered the overbought zone, the uptrend was broken. After a retracement above the moving average lines, the price of the cryptocurrency started to rise again.
The price of the cryptocurrency has stopped below the resistance level of $7.00. If the current resistance is broken, Chainlink will return to its $9 high on the upside. However, if buyers are unable to keep the price above the recent high, the altcoin could return to a range-bound movement. Since November 10, Chainlink's price has been hovering between $5.50 and $7.00. At this point, Chainlink is trading at $6.92.
The price of LINK is in an uptrend and could still rise. The Relative Strength Index for the 14 period is 62, and the price bars are above the moving average lines, indicating that the price will continue to rise. The LINK price is overbought when the Stochastic on the daily chart reaches 80. When it does, the market has reached bullish exhaustion.
Key resistance levels - $30 and $35
Key support levels - $10 and $5
Chainlink will continue to move in a range of buyers unable to keep the price above the $7.00 resistance level. The price range for the cryptocurrency assets will remain between $5.50 and $7.00. After testing the resistance level again today, the price of LINK is declining. If the resistance at $7.00 is broken, the altcoin will show a trend.
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.