Chainlink Breaks Through Crucial Overhead Resistance at $35, Resuming Uptrend

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According to Chainlink (LINK) market research, the latest uptrend was also broken at the $44 high.

Chainlink (LINK) cost Long-term Outlook: Positive

Buyers made a pullback to retest the recent maximum, which is also being rejected. On the plus hand, if investors break through the recent peak, the price could hit $50. If buyers struggle to crack the recent peak, LINK will fall to the $38 low and resume its range-bound movement. LINK/USD is currently trading at $42.91 at the time of publishing.

 

On April 14, LINK rose above the $32 support level as bulls broke through the $35 overhead resistance. This represents the resumption of an uptrend that had been halted since February 13. Since breaking through the $35 overhead resistance, the altcoin surged to a high of $44.

Chainlink (LINK) Indicator Reading

 

LINK is at Relative Strength Index time 14 level 71. It denotes that the stock has hit an overbought condition. Perhaps there isn’t enough space for the altcoin to rally to the upside. The 21-day and 50-day simple moving averages are sloping upward, showing an uptrend. Chainlink has a bullish convergence, which occurs as the 21-day simple moving average passes over the 50-day simple moving average. This indicates a purchase warning.

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Technical indicators:

 

Major Resistance Levels – $45 and $50

 

Major Support Levels – $25 and $20

What Is the Next Move for Chainlink (LINK)?

After breaking through the overhead resistance, Connection has resumed its uptrend. There is the chance of other benefits. Meanwhile, a retraced candle body checked the Fibonacci retracement standard of 61.8 percent. This retracement means that the index will climb to the 1.618 Fibonacci extension stage, or the $50.06 peak. Buyers seem to be unable to crack through the $44 resistance, based on market action.

 

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