Chainlink (LINK) has seen a bullish trend recently, with buyers holding the price above the moving average lines. Despite trading below the $6.00 resistance level for some time, the altcoin has surged to $7.10, entering an overbought region. If the current support at $6.00 holds, Chainlink could potentially reach highs of $8.00 or $9.48. However, a drop below the support level or moving average lines could lead to renewed selling pressure.
Technical indicators for Chainlink show a Relative Strength Index of 67 for the 14 period, indicating an upward trend. While the altcoin is currently in a bearish momentum below the daily Stochastic threshold, the increasing slope of the moving average lines suggests an uptrend. Key resistance levels for Chainlink are $30 and $35, with key support levels at $10 and $5.
Looking ahead, if Chainlink breaks above the $7.00 resistance level, the uptrend is expected to continue. On the other hand, a fall below the moving average lines could signal a further downtrend. It is important to note that this analysis and forecast are personal opinions and not a recommendation to buy or sell cryptocurrency. Readers are advised to conduct their own research before investing in funds.
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