Chainlink’s LINK price is rising above the $15.00 resistance. The price is currently up more than 5% and could be targeting a move towards the $18.00 resistance.
- Chainlink price is showing positive signs above $14.50 against the US dollar.
- The price is trading near the $15.00 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 $14.85.
- A break out of the $16.40 resistance area could push the price higher.
Pay more attention to Chainlink (LINK) price rise
Over the last few sessions, Chainlink bulls have been able to send the price past several key hurdles at $14.50. Earlier, LINK price formed a base above $12.50 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 $14.85. Bulls pumped the pair above the 50% Fib retracement level of the downside move from the $17.59 swing high to the $12.50 low.
LINK is currently trading near the $15.00 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 61.8% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low to $15.65.
Source: LINKUSD on TradingView.com
The next major resistance is near the $16.40 area. A clear break above $16.40 could begin a steady rise towards the $17.50 and $18.00 levels. The next major resistance is near the $18.80 level, above which the price may test $20.00.
Are dips limited?
If Chainlink’s price fails to rise above the $15.65 resistance, there could be a downward correction. Initial support for the downside is near the $14.50 level.
The next major support is near the $13.70 level, below which the price may test the $13.00 level. Any further losses could push LINK towards the $12.50 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 – $15.00 and $14.50.
Key resistance levels – $15.65 and $16.50.
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