Chainlink Is in a Deadlock as It Continues Its Range-Bound Move

Chainlink (LINK) has broken out above the moving average lines. The cryptocurrency will try to rise above the moving average lines to reach the previous highs.

However, the uptrend will face rejection at the $10 resistance zone. On the other hand, a price rise above the current support may break the $10 resistance. Meanwhile, the movement of Chainlink price was insignificant due to the presence of Doji candlesticks, small indecisive bodies. The doji candles indicate that buyers and sellers are undecided about the direction of the market. Since May 12, Chainlink is still in a range-bound movement due to the doji candlesticks.

Chainlink indicator reading  

Chainlink is at level 55 of the Relative Strength Index for period 14, indicating that the altcoin is in an uptrend and could start trending upwards again. LINK price bars are above the moving average lines, which will accelerate the upward movement. LINK is above the 60% area of the daily stochastic. The altcoin is in a bullish momentum.

Technical indicators:  

Major Resistance Levels – $30 and $35

Major Support Levels – $10 and $5

What is the next move for Chainlink?

For the last two months, Chainlink has been in a sideways movement. The sideways movement will continue as the candlesticks are indecisive with small bodies. Chainlink will resume an uptrend if they break the $10 resistance zone.

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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