Chainlink Falls As It Is Unable To Maintain A Price Above $7.50

Jan 29, 2023 at 10:35 // Price
Coin Idol
The uptrend is currently rejected at the recent high

Chainlink (LINK) is in an uptrend after reaching a high of $7.50 on January 27. The uptrend is currently rejected at the recent high.

Chainlink price long term analysis: bullish 

At the recent high, the altcoin is rejected for the second time. Buyers were unable to sustain the bullish momentum above the $7.50 resistance level. The altcoin fell well below the moving average lines on the first rejection, reaching a low of $5.50. If buyers fail to keep the price above the barrier today, the altcoin will fall to its previous low. In contrast, the altcoin will rise to a high of $9.00 if the current resistance is broken. At the time of writing, the altcoin was trading at $7.24.

Chainlink indicator display

At a level of 65 on the Relative Strength Index for the 14 period, LINK is in the positive trend zone. After the retracement, the moving average lines are below the price bars. If the price stays above the moving average lines, the altcoin will rise. Below level 80 of the daily stochastic, Chainlink experiences bearish momentum. Above the $7.00 support, the downward momentum has subsided.

LINKUSD(Daily Chart) - January 28.23.jpg

Technical indicators:

Key resistance levels - $30 and $35

Important support levels - $10 and $5

What is the next move for Chainlink?

Since Chainlink retested the $7.50 resistance level, it is now in the positive trend zone. The RSI is in the rising zone, which indicates that the cryptocurrency value will rise. The price of the cryptocurrency is moving back above the moving average lines. The uptrend will continue if the price finds support above the moving average lines.

LINKUSD(4 Hour Chart) - January 28.23.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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