🔥🔥🔥 #Chainlink Signals Upside Break: Analyzing $LINK ’s Bullish Indicators
Chainlink (LINK) Price Analysis
Current Status
- Chainlink's price is showing bullish signs, rebounding from the $12.65 support level and trading above $13.50 and the 100-hourly SMA.
Key Developments
- Bullish Momentum: LINK has moved up from $12.65, surpassing $13.00 and $13.20.
- Trend Line Break: A significant break above a bearish trend line at $13.60 on the hourly chart.
- Fibonacci Levels: Price surpassed the 50% retracement of the drop from $14.82 to $12.66, currently testing the 61.8% level near $14.05.
Resistance Levels
- Immediate resistance at $14.05.
- Key resistance at $14.20. A break above this could push LINK to $14.50, $14.80, and potentially $15.00 and $15.50.
Support Levels
- Initial support at $13.80.
- Major support at $13.65 and the 100-hourly SMA. Further downside could test $13.50 and $12.90.
Technical Indicators
- MACD: Gaining momentum in the bullish zone.
- RSI: Above 50, indicating bullish sentiment.
Outlook
- Chainlink could rise further if it breaks the $14.20 resistance. Failure to do so might lead to a correction towards $13.80 or $13.65.
Conclusion
Chainlink is positioned for potential gains above $14.00, with key resistance at $14.20. Support levels to watch include $13.80 and $13.65.
Source - newsbtc.com
