Chainlink Drops As Price Can’t Hold Above $7.50

Jan 29, 2023 11:35 // price

Chainlink (LINK) is in an uptrend after reaching a high of $7.50 on Jan 27. Currently, the uptrend is being rejected at recent highs.

Chainlink Price Long Term Analysis: Bullish

At recent highs, altcoins have been rejected for the second time. Buyers failed to sustain the bullish momentum above the $7.50 resistance level. The altcoin fell well below the moving averages on the first rejection and hit a low of $5.50. If buyers fail to keep the price above the barrier today, the altcoin will drop to its previous lows. In contrast, if the current resistance is broken, the altcoin can rally to $9.00. At the time of writing, the altcoin was trading at $7.24.

Chain link indicator display

At the 65 level on the 14-period Relative Strength Index, LINK is in the positive trend zone. After the retracement, the moving averages are below the price bars. Altcoins will go up if the price is above the moving averages. Chainlink experiences bearish momentum when the daily Stochastic falls below level 80. The downside momentum will subside once the $7.00 support is crossed.

LINKUSD (daily chart) - January 28.23.jpg

Technical indicators:

Main Resistance Levels – $30 and $35

Critical Support Levels – $10 and $5

What is Chainlink’s next move?

It is now in the positive trend zone as Chainlink retested the $7.50 resistance level. The RSI is in an uptrend zone, indicating that the cryptocurrency will rise in value. Cryptocurrency prices are back above the moving averages. The uptrend will continue if the price finds support above the moving averages.

LINKUSD (4-hour chart) - Jan 28.23.jpg

Disclaimer. This analysis and predictions are the author’s personal opinion and are not endorsements to buy or sell cryptocurrencies and should not be considered endorsements by Coin Idol. Readers should do their own research before investing in any fund. Chainlink Drops As Price Can’t Hold Above $7.50

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