Chainlink Faces a Minor Resistance, Set for More Upside Momentum

Aug 29, 2021 at 10:11 // News
Coin Idol
The current uptrend is hitting a small resistance at the high of $26.50

Chainlink (LINK) resumed its upward movement as the price reached the high of $25.84. Before reaching the current price level, the cryptocurrency has previously fallen to the low of $24.30.

The current uptrend is hitting a small resistance at the high of $26.50. To the upside, buyers need to break the initial resistance at $26.50 before retesting the high of $29. The bullish momentum will extend to the next resistance at $30. However, if the bulls fail to break above the recent high, Chainklink will fall and revisit the previous low at $24.30.

Chainlink indicator reading

Chainlink price is at level 51 of Relative Strength index period 14. It indicates that there is a balance between supply and demand. The cryptocurrency is above the 75% area of the daily stochastic. It indicates that the market is in a bullish momentum. The price bars are below the 21-day line SMA. A break below the 21-day line SMA and the 50-day line SMA signifies a possible decline in the coin.


Technical indicators:

Major Resistance Levels - $55 and $60

Major Support Levels - $20 and $15

What is the next step for Chainlink?

LINK/USD was previously in a downward movement. The cryptocurrency has resumed the upward movement but is facing resistance. Meanwhile, the downtrend from August 25 has tested the 78.6% Fibonacci retracement level with a retraced candlestick. The retracement indicates that LINK will fall to the 1,272 Fibonacci extension or the $24.21 level.


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 funds.

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