Today, the bulls are retesting the resistance level. Chainlink (LINK) is falling to revisit its previous low at $17.60. The altcoin will resume trending when the range-bound levels are broken.
For example, if buyers break the high at $19, the crypto’s price will rally to retest and possibly break through resistance at $21.50. On the downside, if the bears break the current support, the market will fall to $15.04. In the meantime, LINK /USD is in a downtrend. It is trading at $18.03 at the time of writing.
Chainlink indicator reading
Chainlink has risen to the 41 level of Relative Strength index period 14. It indicates that the market is in the downtrend zone and capable of falling down. The cryptocurrency is above the 25% area of the daily stochastic. Earlier, the crypto fell into the oversold area of the market. When buyers show up, the cryptocurrency is likely to move higher. This suggests that Chainlink is in a bullish momentum.
Major Resistance Levels – $55 and $60
Major Support Levels – $20 and $15
What is the next move for Chainlink?
It is likely that Chainlink will face renewed selling pressure as the altcoin retraces from the recent high. Meanwhile, on the July 9 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement suggests that the market will fall and reverse at the 1,272 Fibonacci extensions level or the $16.63 low. From the price action, it appears that the market is approaching the 1.272 Fibonacci extensions.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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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