The price of Chainlink (LINK), which has risen to a high of $7.80, is in an uptrend.
Although the price of the cryptocurrency broke through the moving average lines, it was stopped around the resistance area of $8.00. The market is overbought around the $8.00 resistance area. The fall was caused by the fact that buyers were not able to break through the resistance area. To the upside, LINK will be pushed above the current support above the $8.00 resistance area. However, the current selling pressure may extend beyond the moving average line or the low at $7.28.
For the period 14, Chainlink's Relative Strength Index is at 55, and now that it has reached the uptrend zone, the altcoin may continue to gain. However, the fact that the price bars are above the moving average lines suggests that prices will continue to rise. LINK is below the 20 level of the daily stochastic on the 4-hour chart. This indicates that the oversold zone of the market has been reached.
Key resistance levels - $30 and $35
Important support levels - $10 and $5
The selling pressure on Chainlink has reached bearish fatigue. The price of the cryptocurrency is between the moving average lines on the 4-hour chart. Chainlink is expected to move sideways between the moving average lines. Currently, the altcoin is falling to a low of $7.28 before it starts to move sideways again.
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.