Chainlink’s LINK price is rising above the $20.00 resistance. The price is currently up more than 5% and could be targeting a move towards the $25.00 resistance.
- Chainlink price is showing positive signs above $20.00 against the US dollar.
- The price is trading near the $20.50 level and above the 100 simple moving average (4-hours).
- On the 4-hours chart of the LINK/USD pair (data source from Kraken), a breakout occurred above the main bearish trendline with resistance near $20.00.
- A breakout of the $22.00 resistance area could push the price higher.
Chainlink (LINK) Price Sees More Rise
Over the past few sessions, Chainlink bulls have been able to send the price past several key hurdles at $18.50. Earlier, LINK price formed a base above $16.75 and started a new rise.
On the 4-hours chart of the LINK/USD pair, a breakout occurred above the main bearish trendline with resistance near $20.00. The bulls pushed the pair above the $22.00 level. A new multi-month high was made at $22.85 before the price began a downward correction.
There was a move below the $22.00 level. The price fell below the 23.6% Fib retracement level, rising from the $16.75 swing low to the $22.85 high.
LINK is currently trading near the $20.50 level and above the 100 simple moving average (4-hours). The price is up more than 5% and outperforms Bitcoin and Ethereum. If the bulls remain active, the price may rise further. Immediate resistance is near the $21.80 level.
Source: LINKUSD on TradingView.com
The next major resistance is near the $22.00 area. A clear break above $22.00 could begin a steady rise towards the $23.00 and $24.20 levels. The next major resistance is near the $24.80 level, above which the price may test $25.00.
Are dips limited?
If Chainlink’s price fails to rise above the $22.00 resistance, there could be a downward correction. Initial support for the downside is near the $21.00 level.
The next major support is near the $20.00 level or the 50% Fib retracement level of the rise from the $16.75 swing low to the $22.85 high, below which the price may test the $18.80 level. Any more losses could push LINK towards the $17.65 level in the near term.
technical indicators
4-Hour MACD – The MACD for LINK/USD is gaining momentum in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.
Key support levels – $21.00 and $20.00.
Key resistance levels – $22.00 and $23.00.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.