Chainlink (LINK) stayed stable above the USD 11.50 support and started a new spike, similar to Bitcoin. The price is now trading above $ 13.50 and could continue to climb above $ 15.00.
- Chainlink token price regained momentum, surpassing $ 13.00 against the US dollar.
- The price is now trading above $ 13.50 and above the 100 simple moving average (4 hours).
- A major bullish trendline is forming on the 4-hour chart of the LINK / USD pair (data source from Kraken) with support near USD 13.50.
- The price is likely to remain above the $ 14.50 and $ 15.00 resistance levels.
Chainlink (LINK) is gaining momentum
Over the past week we saw a strong downward correction in Bitcoin, Ethereum, Ripple, Bitcoin Cash, Chainlink (LINK) and other major altcoins. LINK price fell well above $ 15.50 and fell below the $ 13.50 support.
There was also a pause under the $ 12.40 support and the simple moving average of 100 (4 hours). Eventually the bulls were able to protect the USD 11.50 support zone. A low was formed near $ 11.29 and the price began a fresh spike above $ 12.00.
There was a break above the USD 13.00 resistance and the 100 simple moving average (4 hours). The LINK price exceeded the 50% fib retracement level of the downward correction from $ 16.43 to $ 11.29.
Source: LINKUSD on TradingView.com
The price is now trading well above the USD 13.85 resistance. A major bullish trendline is also forming on the 4-hour chart of the LINK / USD pair with support near USD 13.50. On the upside, the bulls are likely to face hurdles near the USD 14.50 level.
The 61.8% Fib retracement level of the downward correction from the swing high of $ 16.43 to the swing low of $ 11.29 is also at $ 14.50 to prevent gains. A significant break above $ 14.50 could open the doors to further gains above $ 15.00 and $ 15.20.
Initial support for Chainlink’s price is near the $ 13.65 and $ 13.55 levels. The first big support is forming near the USD 13.50 level and the trend line.
If there is a downside pause and closes below the USD 13.50 support zone, there is a risk of a bearish move towards the USD 13.00 support level or even towards the USD 12.50 level.
4 Hour MACD – The LINK / USD MACD is now losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LINK / USD is currently well above the 50 level.
Major Support Levels – $ 13.65, $ 13.50, and $ 13.00.
Main Resistance Levels – $ 14.50, $ 15.00, and $ 15.50.