Chainlink’s LINK price is up more than 40% and is trading above $10. The uptrend appears to be under control and may be targeting a rally towards $12 resistance.
- Chainlink price is rising above the $10.00 resistance level against the US dollar.
- The price is trading near the $10.00 level and above the 100-day simple moving average.
- On the daily chart of the LINK/USD pair, there is a major bullish trend line forming with support near $8.60 (data source from Kraken).
- The price may continue to rise towards the $11.25 and $12.00 resistance levels.
Chainlink price begins a new rebound
Over the past few days, LINK price has begun a strong rebound against the US dollar. The price formed a base above the $7.00 level before the bulls intervened. There was a big pump above the $7.50 and $8.00 resistance levels.
Over the past three days, the price has risen more than 40% and cleared many hurdles near $9.00. Bitcoin’s recent gains also helped LINK break above $10.00 resistance. A new multi-week high was established near $10.99. The price is currently consolidating gains well above the 23.6% Fib retracement level, rising from the $7.11 swing low to the $10.99 high.
LINK is currently trading near the $10.00 level and above the 100 simple moving average (4-hours). On the daily chart of the LINK/USD pair, there is also a major bullish trend line forming with support near $8.60. The trend line is near the 61.8% Fib retracement level rising from the $7.11 swing low to the $10.99 high.
Source: LINKUSD on TradingView.com
If there is a new price increase, the price may face resistance near $11.20. The first major resistance is near the $12.00 area. A clear break above $12.00 could begin a steady rise towards the $12.20 and $12.50 levels. The next major resistance is near the $13.20 level, above which the price may test $15.00.
Are Dips limited in LINK?
If Chainlink fails to break above the $11.20 resistance level, there could be a downward correction. Initial support for the downside is near the $10.00 level.
The next major support is near $9.00, below which the price could test trendline support at $8.60. Any further losses could push LINK towards the $8.00 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 – $10.00 and $9.00.
Key resistance levels – $11.20 and $12.00.