Today the price chart of Chainlink (LINK) shows a bullish candle below the 50-day line SMA.
Chainlink can reach the highs of $32 and $36 if buyers push the cryptocurrency above the 50-day line SMA and the upward momentum continues. However, if the buyers fail to break the moving averages, the movement will continue within the trading range.
Since October 2, the price of Chainlink has consolidated below the $28 resistance. Today, the altcoin is trading at $26 but fluctuating between $25 and $28. The price movement is insignificant as the market is characterized by small-format candlesticks known as Doji and Spinning tops. LINK is unlikely to trend unless these candlesticks disappear. Candlesticks describe indecision between buyers and sellers about the direction of the market.
Chainlink is at level 51 on the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The 21-day line SMA and the 50-day line SMA are sloping horizontally, indicating a sideways trend. The cryptocurrency is above the 25% range of the daily stochastic. The market is in a bullish momentum.
Key resistance levels - $55 and $60
Key support levels - $20 and $15
LINK/USD is not in a trend. The cryptocurrency is in a fluctuation range between $25 and $28. Chainlink has been in a sideways trend since October 2. The market is characterized by Doji candlesticks, which are responsible for the range-bound movement. The market will develop a trend when the range-bound levels are broken.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.