Chainlink Is in an Upward Correction and Challenges the $8 High

Sep 18, 2022 at 09:44 // Price
Coin Idol
Chainlink price is above the moving average lines

Chainlink (LINK) price is above the moving average lines, but buyers are not able to trade above the $8.00 resistance zone.

Chainlink price long-term analysis: bullish

 Chainlink has been trading below the $8.00 resistance zone since May 15. However, buyers have broken the resistance zone only twice. That is, on June 6 and August 7. On those days, the altcoin rose to the high of $9.50, but fell well below the moving average lines. On the downside, the LINK price will fall to $7.02 as it moves away from the moving average lines. Today, the altcoin is trading at $7.96 at the time of writing.

Chainlink indicator display 

Chainlink is at level 58 on the Relative Strength Index for period 14. The market is in the uptrend zone as the price is above the moving average lines. The price bars are above the moving average lines, which indicates a further increase. The altcoin is above the 50% area of the daily stochastic. Chainlink is in a bullish momentum.

LINKUSD(Daily Chart).png

Technical Indicators

Key resistance zones: $10, $12, $14

Major support zones: $9, $7, $5

What is the next step for Chainlink?

Chainlink is still in an upward correction but is struggling to break through resistance at $8.00. On the weekly chart, a candlestick tested the 78.6% Fibonacci retracement level on March 28. The retracement suggests that LINK will fall to the 1.272Fibonacci Extension level or $6.86.

LINKUSD(Weekly Chart).png

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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