Chainlink’s LINK price is showing strength above $16.50. A break out of the $17.50 resistance area could lead the price to continue rising.
- Chainlink price is showing bullish signals and we expect further gains above $17.00 against the US dollar.
- The price is trading near the $16.50 level and above the 100-hour simple moving average.
- On the hourly chart of the LINK/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance near $16.50.
- A break out of the $17.50 resistance area could push the price higher again.
Chainlink Price Eyes Rises Further
Over the past few days, Chainlink has remained in positive territory above the $15.00 level, like Bitcoin and Ethereum. There was movement above the $16.50 and $17.00 levels. A high was reached at $17.45 before a downward correction.
The price fell below $16.50 and tested $15.35. The low was formed at $15.34 and the price recently attempted a new rise. There was a move above the $16.50 level. It crossed the 50% Fib retracement level moving down from the $17.45 swing high to the $15.34 low.
Moreover, a breakout occurred above the main bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair. Chainlink is currently trading above the $16.50 level and the 100 simple moving average (4-hours).
Immediate resistance is near the $16.90 level or the 76.4% Fib retracement level of the downside move from the $17.45 swing high to the $15.34 low. The next major resistance is near the $17.50 area. A clear break above $17.50 could begin a steady rise towards the $18.20 level. The next major resistance is near the $18.80 level, above which the price may test $20.00.
Another decline for LINK?
There could be a fresh decline if Chainlink’s price fails to break above the $17.50 resistance level. Initial support for the downside is near the $16.65 level.
The next major support is near the $16.20 level, below which the price may test the $15.50 level. Any further losses could push LINK towards the $15.00 level in the near term.
technical indicators
Hourly MACD – The MACD for LINK/USD is gaining momentum in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for LINK/USD is now above the 50 level.
Key support levels – $16.65 and $16.20.
Key resistance levels – $17.00 and $17.50.