The price of Chainlink (LINK) has broken above the moving averages for the first time, as the altcoin approaches the $28 high. Since the September 21 downward impulse, buyers have been unable to rise above the moving averages.
Instead, the cryptocurrency is in a downtrend between the $22 and $27 price levels. If the bulls regain support at $28, Chainlink will continue to rise. If the bullish trend continues, the cryptocurrency will hit a new high between $31 and $35. LINK/USD, on the other hand, will fall and continue its downward correction if the bullish momentum is pushed back.
Readings from the chainlink indicator
Chainlink is at Relative Strength Index level 55 for period 14. The cryptocurrency has entered an uptrend zone and is poised for further gains. The cryptocurrency’s price bars are above the moving averages, indicating further upward movement. LINK is above the daily stochastic’s 80 percent area. The market is in a bullish trend and is approaching overbought territory.
$55 and $60 are major resistance levels.
Levels of Major Support – $20 and $15
What is Chainlink’s next step?
The price of LINK/USD has broken through the moving averages and reached a high of $27. If the current resistance is broken, the upward trend will continue. Meanwhile, the October 14 uptrend has seen a candlestick test the 61.8 percent Fibonacci retracement level. According to the retracement, LINK will rise to the Fibonacci extension level of 1.618, or the high of $29.