Chainlink’s LINK price is struggling to break above the $13.80 resistance. A break above the $13.00 support could lead the price to continue falling.
- Chainlink price is showing bearish signs below the $14.00 resistance level against the US dollar.
- The price is trading below the $13.60 level and the 100 simple moving average (4-hours).
- There is a major bearish trendline forming on the 4-hours chart of the LINK/USD pair with resistance near $13.50 (data source from Kraken).
- Breaking out of the $13.80 resistance area, the price could begin a significant rise.
Chainlink (LINK) price turns red
Over the past few days, Chainlink has been on a steady decline well above the $13.80 level. LINK price broke below the $13.50 support level to enter near-term bearish territory like Bitcoin and Ethereum.
The price tested the $13.10 support area. A low was made at $13.07 and the price has recently attempted a recovery. There was a move above the $13.50 level. It surpassed the 23.6% Fib retracement level of the downward move from the $14.30 swing high to the $13.07 low.
However, bears remained active below the $13.80 resistance and the 50% Fib retracement level moving down from the $14.30 swing high to the $13.07 low. LINK price is still trading below the $13.80 level and the 100 simple moving average (4-hours).
Immediate resistance is near the $13.50 level. There is also a major bearish trend line forming with resistance near $13.50 on the 4-hours chart of the LINK/USD pair.
The next major resistance is near the $13.80 area. A clear break above $13.80 could begin a steady rise towards the $14.00 level. The next major resistance is near the $14.35 level, above which the price may test $15.50.
Are there more losses?
There could be a fresh decline if Chainlink’s price fails to break above the $13.50 resistance level. Initial support for the downside is near the $13.10 level.
The next major support is near the $12.80 level, below which the price may test the $12.20 level. Any further losses could push LINK towards the $11.50 level in the near term.
technical indicators
4-Hour MACD – The MACD for LINK/USD is gaining momentum in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level.
Key support levels – $13.10 and $12.80.
Key resistance levels – $13.50 and $13.80.