Chainlink (LINK) Price Analysis: LINK Resumes Uptrend to Retest the $28 Resistance

Chainlink (LINK) Price Analysis: LINK Resumes Uptrend to Retest the $28 Resistance

Key Highlights
LINK attains a new high of $28.64
The altcoin faces rejection at the recent high

Chainlink (LINK) Current Statistics
The current price: $27.31
Market Capitalization: $27,196,500,231
Trading Volume: $3,142,066,909
Major supply zones: $18.00, $20.00, $22.00
Major demand zones: $8.00, $6.00, $4.00

Chainlink (LINK) Price Analysis February 12, 2021
LINK price has been making a series of higher highs and higher lows. Today, the altcoin is trading at $28.64 at the time of writing. On February 10, LINK tested the $28.64 high but could not sustain the upward move. The altcoin was repelled as price fell to the $26 low. Buyers attempted to revisit the previous high but were repelled. The cryptocurrency is on a downward move. The crypto will resume upward if it finds support above the SMAs. However, if price breaks below SMAs the selling pressure will persist.

LINK/USD – Daily Chart

Chainlink Technical Indicators Reading
The crypto’s price is above the SMAs which suggests an upward movement of the coin. The SMAs are sloping upward indicating the uptrend. On the downside, if price breaks the trend line. The current trend is presumed to be terminated. The trend will continue if it tests and retraces from the trend line.

LINK/USD – 4 Hour Chart

Conclusion
Chainlink retraces and finds support above the 21-day SMA. There is the possibility of a further upward movement of the coin. On February 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracements level. The retracement indicates that LINK is likely to rise to level 1.618 Fibonacci extensions. That is the high of level $32.18.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.