Chainlink’s LINK price is moving higher above the USD 15.00 resistance. The price is now up over 5% and could aim for a move towards the USD 18.00 resistance.
- Chainlink price is showing positive signs above $14.50 against the US dollar.
- The price is trading above the $15.00 level and the 100 simple moving average (4-hours).
- There was a break above a key bearish trendline with resistance around $14.85 on the 4-hour chart of the LINK/USD pair (Kraken data source).
- The price could rise further if it crosses the USD 16.40 resistance zone.
Chainlink (LINK) Price looks for more benefits
Over the past few sessions, Chainlink bulls managed to push the price above a few key hurdles to $14.50. Previously, LINK price formed a base above $12.50 and started a new increase.
There was a break above a key bearish trendline with resistance near $14.85 on the 4-hour chart of the LINK/USD pair. The bulls pumped the pair above the 50% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low.
LINK is now trading above the $15.00 level and the 100 simple moving average (4-hours). The price is up more than 5%, surpassing both Bitcoin and Ethereum. If the bulls remain in action, the price could 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 at $15.65.
Source: LINKUSD on TradingView.com
The next major resistance is near the $16.40 zone. A clear break above $16.40 could potentially trigger a steady rise towards the $17.50 and $18.00 levels. The next major resistance is near the USD 18.80 level, above which the price could test USD 20.00.
Are dips limited?
If Chainlink price fails to rise above the USD 15.65 resistance level, a downside correction could occur. The initial downside support is near the $14.50 level.
The next major support is near the USD 13.70 level, below which the price could test the USD 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 strength in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.
Major support levels – USD 15.00 and USD 14.50.
Major resistance levels – $15.65 and $16.50.
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