Chainlink Stumbles In The Face Of Rejection At $7.50

Feb 05, 2023 at 10:50 // Price
Coin Idol
Chainlink stumbles in the face of rejection at $7.50

The price of Chainlink (LINK) has reached bullish exhaustion after retesting the $7.50 resistance level.

Chainlink price long term analysis: bullish

Since January 27, the price has been fluctuating below the barrier again, ending the uptrend. Since November 9, the current resistance level has remained intact. The resistance was tested three times by buyers, but they were not able to maintain the upward momentum. On the positive side, the uptrend is unlikely to continue as the altcoin is approaching the overbought zone, reaching the $9.00 high. If buyers are unable to surpass the recent high, Chainlink may be forced to resume its range bound move. Since November 2022, the altcoin has traded in a price range of $5.50 to $7.50. At the time of writing, LINK 's price is $7.31.

Chainlink indicator display

LINK's Relative Strength Index is at 59 for the period of 14. The alternative currency is in a bullish trend zone and could continue to rise. The moving average lines that have led to price increases are above the price bars. Above the daily stochastic threshold of 50, Chainlink is in a positive trend. The upward impulse has now come to a halt.

LINKUSD(Daily Chart) - February 4.23.jpg

Technical indicators:

Key resistance levels - $30 and $35

Key support levels - $10 and $5

What is the next move for Chainlink?

Chainlink has risen to retest resistance at $7.50, but the uptrend has ended. Further upward movement of the cryptocurrency is doubtful. The cryptocurrency value could continue its movement within a range as the uptrend has ended.

LINKUSD( 4Hour Chart) - February 4.23.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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