Jul 03, 2022 at 10:17 // Price

Chainlink will resume its uptrend when $9 resistance is broken

Since June 13, the price of Chainlink (LINK) has been in a sideways movement. However, last week the cryptocurrency declined after rejecting the high of $7.47. The altcoin fell to a low of $5.93 and then rose again. For the rest, Chainlink fluctuates between $5.30 and $7.50.


Support at $5.30 has held as bulls defend the lower price level. The long candle tails indicate that the current support is a strong buy point. A price rally will push the altcoin above the moving averages. The bullish momentum will extend to the resistance at $9. Chainlink will resume its uptrend when $9 resistance is broken. 


Chainlink indicator reading


Chainlink is at level 42 on the Relative Strength Index for period 14, indicating that the altcoin is in a downtrend and could continue to fall. LINK price bars are below the moving averages, indicating a price decline. LINK is above the 40% range of the daily stochastic. The price is in an upward momentum.


LINKUSD(Daily+Chart)+July+2.png


Technical indicators:  


Major Resistance Levels – $30 and $35



Major Support Levels – $10 and $5


What is the next move for Chainlink?


Chainlink has been in a sideways trend since June 13. For more than two weeks, the cryptocurrency has been fluctuating between $5.75 and $7.50 price levels. The altcoin will develop a trend when the fluctuation ranges are broken. In the meantime, the price action is characterized by small indecisive candles called doji.


LINKUSD(+4+Hour+Chart)++-+July+2.png


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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