🔥🔥🔥 Chainlink ($LINK ) Primed for Another Surge: Major Rally on the Horizon?
Chainlink's (LINK) price is showing bullish momentum above $16.50 and could continue to rise if it clears the $17.50 resistance zone.
#Chainlink Price Eyes Additional Upsides
- Chainlink's price is indicating bullish signs and potential gains above $17.00 against the US dollar. Currently, the price is trading above the $16.50 level and the 100-hourly simple moving average. Notably, there was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair (data source from Kraken). This suggests that if the price clears the $17.50 resistance zone, it could start another upward move.
Recent Price Movement
- Recently, Chainlink has maintained a positive trend above $15.00, similar to #bitcoin and #Ethereum . The price rose above $16.50 and $17.00, reaching a high of $17.45 before correcting downward to $15.34. It then rebounded above $16.50, surpassing the 50% Fib retracement level of the drop from $17.45 to $15.34.
Technical Analysis
- Chainlink broke above a key bearish trend line at $16.50 and is now trading above this level and the 100 SMA (4 hours). Immediate resistance is at $16.90, with major resistance at $17.50. A clear break above $17.50 could lead to a steady increase toward $18.20, with further resistance at $18.80 and potentially testing $20.00.
Potential Decline
- If Chainlink's price fails to surpass the $17.50 resistance level, it might face a fresh decline. Initial support on the downside is near the $16.65 level. The next major support is at $16.20, below which the price might test the $15.50 level. Further losses could push LINK toward the $15.00 level in the near term.
Technical Indicators
- Hourly MACD: The MACD for LINK/USD is gaining momentum in the bullish zone.
- Hourly RSI: The RSI for LINK/USD is now above the 50 level.
- Major Support Levels: $16.65 and $16.20.
- Major Resistance Levels: $17.00 and $17.50.
Source - newsbtc.com
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