Chainlink (LINK) has broken out above its moving averages, with the altcoin reaching a high of $16. After being rejected at the last high, the cryptocurrency has resumed its upward march. The altcoin has reclaimed the $15 support level and resumed its upward trajectory.
The retracement signals that the altcoin could trend higher in the future. Chainlink will reach a high of $19 if the bulls smash through support at $16. After that, the altcoin will have exited the bearish downturn and will most likely continue to rise. If the bulls are unable to break through the recent high, the cryptocurrency will decline and settle above the moving averages. At the time of writing, LINK/USD was trading at $15.80.
The reading of the chainlink indicator
The cryptocurrency’s price has risen above its moving averages, indicating that it may rise further. For the 14 period, the price of LINK has been trading at the 57 level of the Relative Strength Index, indicating that the altcoin is in an uptrend and may continue to increase. The altcoin is trading over the daily stochastic’s 25% range. The market is currently moving in a bullish direction.
Technical indicators are as follows:
$55 and $60 are the major resistance levels.
Levels of Major Support – $20 and $15
What will Chainlink’s next move be?
The market has achieved a high of $16 and Chainlink is in an uptrend. The bulls have been able to break through the resistance twice now. If the bulls can break through the $16 resistance, the upswing will continue. Chainlink’s price has dropped below the positive trend line. This could be a sign that the rise is coming to an end.