Chainlink Retests $30 High, Upside Expected Soon

Aug 22, 2021 at 11:11 // News
Coin Idol
Chainlink has reached the $30 high twice before the latest decline

Chainlink (LINK) has continued its upward trend. The market has reached a high of $28.73 to retest $30 resistance.

Chainlink (LINK) price long term analysis: bullish

Chainlink has reached the $30 high twice before the latest decline. Buyers have failed to break above $30 resistance since August 16. The current bullish move is expected to reach the high of $35 if the buyers overcome the current level. However, the sideways movement will continue if the bulls fail to break the recent high. Currently, the market is in a bullish momentum as the altcoin is retesting the resistance level.

Chainlink (LINK) indicator reading 

Chainlink price is at the 66 level of the Relative Strength index period 14. The cryptocurrency is approaching the overbought zone. The coin is above the 70% area of the daily stochastic. Price indicators are pointing to an overbought area in the market. The price bars are above the 21-day and 50-day SMAs, indicating a possible rise in the coin.

LINKUSD(Daily Chart) - Daily Chart.png

Technical Indicators: 

Key Resistance Levels - $55 and $60

Important Support Levels - $20 and $15

What is the next move for Chainlink (LINK)?

LINK/USD is likely to resume its uptrend. In the meantime, the uptrend from August 17 has a candlestick body testing the 78.6% Fibonacci retracement level. The retracement suggests that LINK will rise to the Fibonacci extension of $1.272 or $35.41.

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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.

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