The price of Chainlink (LINK) has resumed its sideways trend as buyers emerge in the oversold region. On January 24, the downtrend eased as the altcoin fell to a low of $13.47.
Over the past two weeks, the bulls and bears have engaged in a price battle between $14 and $18. Today, the bulls are struggling to overcome the resistance at $18.
On January 30, the bulls were pushed back at the recent high. Nevertheless, Chainlink would have risen to the high of $28 if the bulls had succeeded in breaking the recent high. The bears have sold off at the recent high on every rally. On the downside, the bulls are defending current support as buyers appear in the oversold area.
Chainlink indicator reading
The cryptocurrency is at level 46 of the Relative Strength Index for the period 14. The altcoin is in the downtrend zone, but below the centre line 50. The bottom line is that Chainlink is in a position to fall to the downside. The altcoin is above the 80% range of the daily stochastic. This indicates that the crypto’s price has reached the overbought zone. The current upward movement might be met with rejection.
Technical indicators:
Major Resistance Levels – $55 and $60
Major Support Levels – $20 and $15
What is the next move for Chainlink?
The cryptocurrency is currently in a sideways trend. Over the past two weeks, LINK/USD has settled between the $14 and $18 price levels. Neither the bulls nor the bears have broken their respective levels. The altcoin will move when the fluctuation ranges are broken.
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.
