Chainlink (LINK) is up 15% and broke many hurdles at $ 16.20, on par with bitcoin and ethereum. The price is testing a major barrier at USD 18.00, above which USD 20.00 could test.
- The Chainlink token price is showing many positive signs above the $ 16.20 level against the US dollar.
- The price is now testing the USD 18.00 resistance and is well above the simple 100 (4 hours) moving average.
- There was a break above a major bearish trendline with a resistance of $ 16.20 on the 4-hour chart of the LINK / USD pair (data source from Kraken).
- The price is likely to accelerate higher if there is a clear break above the USD 18.00 level.
Chainlink (LINK) Rally can gain momentum
Over the past few sessions, there has been a steady increase in bitcoin, Ethereum, bitcoin cash, chainlink (LINK) and other major altcoins. LINK price broke a major hurdle at $ 16.20 to start the current upward move.
There was also a break above a major bearish trendline with resistance at USD 16.20 on the 4-hour chart of the LINK / USD pair. The pair gained speed above USD 17.00 and even peaked above the USD 18.00 resistance level.
It looks like the price is struggling to move above the USD 18.00 level again. A high is forming near USD 18.75 and the price is currently correcting lower. It trades below $ 18.00. An initial support on the downside is near the USD 17.25 level.
Source: LINKUSD on TradingView.com
The 23.6% Fib retracement level from the recent swing low from $ 12.48 to $ 18.76 high is also near the $ 17.25 level. If there are more downsides, the price could keep falling towards $ 16.20.
On the upside, the $ 18.00 zone is a major escape area. The next big resistance for LINK is near the USD 18.50 level. A close above the USD 18.00 and USD 18.50 levels could open the doors for larger gains in the near term. The next stop could be $ 20.00 followed by $ 20.40.
If there is another drop, chainlink price is likely to find buyers near the USD 16.20 level. The next big support on the downside is near the $ 15.60 zone (a multi-touch zone).
The 50% Fib retracement level from the recent rise from the swing low from $ 12.48 to $ 18.76 high is also near the $ 15.60 level to provide support.
4-Hour MACD – The MACD for LINK / USD is gaining momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for LINK / USD is currently close to the 70 level.
Key Support Levels – USD 17.25, USD 16.20 and USD 15.60.
Key Resistance Levels – USD 18.00, USD 18.50 and USD 20.00.