Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Chainlink (LINK) started a strong increase above the $9.65 resistance against the US Dollar. The price is now attempting another upside break above the $11.00 resistance.
- Chainlink token price is showing positive signs above the $10.00 resistance against the US dollar.
- The price is now testing the $11.00 resistance and it is well above the 100 simple moving average (4-hours).
- There is a short-term rising channel forming with support near $10.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The pair could rally if there is a clear break above the $11.00 and $11.25 resistance levels.
Chainlink (LINK) Price Rallies 8%
In the last technical analysis, we saw a bullish breakout in chainlink (LINK) above the $9.00 resistance level. The price remained in a positive zone and it gained pace above the $10.00 resistance level (similar to bitcoin above $11,000).
The price rallied over 8% and it broke the 61.8% Fib retracement level of the key decline from the $11.30 swing high to $8.35 swing low. During the rise, there was a break above a crucial bearish trend line at $9.50 on the 4-hours chart of the LINK/USD pair.
The price is now testing the $11.00 resistance and it is well above the 100 simple moving average (4-hours). It is also trading above the 76.4% Fib retracement level of the key decline from the $11.30 swing high to $8.35 swing low.
LINK price trades above $10.50. Source: TradingView.com
It seems like there is a short-term rising channel forming with support near $10.50 on the 4-hours chart of the same chart. A clear break above the $11.00 resistance level might open the doors for a sustained upward move.
The next immediate resistance is near the $11.25 level, above which the price could rally towards the $12.00 level. Any further gains could lead the price towards the $13.20 level.
Downsides Supported?
If chainlink’s price starts a downside correction, it might find support near the channel trend line at $10.50. The first major support is near the $10.20 level.
The main support is now forming near the $9.80 level and the 100 simple moving average (4-hours). Any further losses could lead the price towards the $9.65 support zone (the previous breakout zone).
Technical Indicators
4-hours MACD – The MACD for LINK/USD is now moving nicely in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is now well above the 50 level.
Major Support Levels – $9.25, $9.20 and $9.00.
Major Resistance Levels – $9.65, $9.80 and $10.00.
