Chainlink Rises To $9.52 Highs As It May Drop To $8.20 Lows

Chainlink (LINK) climbed to a high of $9.52 on August 12, but encountered resistance at recent highs. The most recent high he was at the historic price level of June 10th. Today, buyers are struggling to maintain their bullish momentum beyond recent highs.

On June 10, the bulls failed to break through resistance and the altcoin fell to $5.31. Once the resistance is broken, Chainlink can move to $12.21. On the downside, the cryptocurrency continues to move lower, from $5.31 to he $7.51.

How to read the chain link indicator

The Chainlink indicator is at the 72 level of the 14-period Relative Strength Index, indicating that the price of LINK has reached the overbought territory of the market. Similarly, the altcoin has crossed his 80% area on the daily stochastic. This also indicates that the market is in overbought territory. The 21-day SMA and 50-day SMA are sloping upwards, indicating an uptrend. As long as the price bar remains above the moving averages, the uptrend will continue.

Technical indicators:

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

Primary Support Zones: $9, $7, $5

What is Chainlink’s next move?

Chainlink is already in an uptrend, aiming for a high of $10.18. The uptrend has been decelerated by the resistance at $9.50. Once the current resistance breaks, the uptrend will resume. On July 30, the uptrend crossed the candlesticks testing the 50% Fibonacci retracement level. The retracement suggests that LINK will rise to the 2.0 Fibonacci extension level, i.e. $10.18.

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 any money.