Chainlink’s LINK price retested the $12.00 support area. The price is currently looking at a recovery wave above the $13.50 and $15.00 resistance levels.
- Chainlink price is showing bearish signs below the $15.00 resistance level against the US dollar.
- The price is trading below the $14.20 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 $15.00 resistance area, the price could begin a significant rise.
Chainlink (LINK) price is showing a steady upward trend.
Over the past few days, Chainlink has fallen significantly from levels well above the $18.00 level. LINK price fell below the $15.00 pivot level to enter near-term bearish territory like Bitcoin and Ethereum.
The price tested the $12.00 support area. The lowest point was formed at $11.92 and the price is currently showing signs of recovery. There was a move above the $12.50 level. It surpassed the 23.6% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low.
LINK price is still trading below the $14.20 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.
Source: LINKUSD on TradingView.com
The next major resistance is near the $15.00 area. A clear break above $15.00 could begin a steady increase towards the $16.00 level or the 61.8% Fib retracement level with a downward move from the $18.66 swing high to the $11.92 low. The next major resistance is near the $18.00 level, above which the price may test $20.00.
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 $12.80 level.
The next major support is near the $12.00 level, below which the price may test the $10.80 level. Any further losses could push LINK towards the $10.00 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 – $12.80 and $12.00.
Key resistance levels – $13.50 and $14.00.
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