Chainlink (LINK) is showing positive signs above the $13.00 support, similar to bitcoin. The price is likely to accelerate towards $15.00 or higher in the near term.
- Chainlink token price is trading nicely above the $13.00 level against the US dollar.
- The price is now facing hurdles near $14.00 and the 100 simple moving average (4-hours).
- There is a major rising channel forming with support near $13.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The price is likely to continue higher above the $14.50 and $15.00 resistance levels.
Chainlink (LINK) Is Showing Positive Signs
After a sharp decline, there was a steady recovery in bitcoin, Ethereum, ripple, bitcoin cash, chainlink (LINK), and other major altcoins. LINK price climbed above the $12.00 and $12.50 resistance levels to move into a positive zone.
There was a close above the $13.00 level. The price spiked above the $14.00 level, but it failed to clear the $15.00 resistance. A high was formed near $14.89 before the price corrected to $13.03. The price is now trading nicely above the $13.00 level.
LINK price surpassed the $13.50 level, and it broke the 23.6% Fib retracement level of the recent decline from the $14.89 swing high to $13.03 swing low. It is now facing hurdles near $14.00 and the 100 simple moving average (4-hours).
Source: LINKUSD on TradingView.com
There is also a major rising channel forming with support near $13.50 on the 4-hours chart of the LINK/USD pair. On the upside, the price must clear the $14.00 resistance to set the stage for more gains.
The 50% Fib retracement level of the recent decline from the $14.89 swing high to $13.03 swing low is also at $13.96. A clear break above the $14.00 resistance might increase the chances of more upsides above the $14.50 and $15.00 resistance levels.
Downsides Supported?
An initial support for chainlink’s price is near the $13.65 and $13.55 levels. The first major support is forming near the $13.50 level and the channel lower trend line.
If there is a downside break and close below the $13.50 support zone, there is a risk of a drop towards the $13.00 support level. The next major support is seen near the $11.50 level.
Technical Indicators
4-hours MACD – The MACD for LINK/USD is struggling to gain momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently declining towards the 50 level.
Major Support Levels – $13.55, $13.50 and $13.00.
Major Resistance Levels – $14.00, $14.50 and $15.00.