🚀🚀🚀 #Chainlink ’s Ambitious Climb: $LINK Price Aims for Key Upside Break

Chainlink’s (LINK) price is consolidating above the $14.00 support level, with the potential to gain bullish momentum if it clears the $14.65 resistance zone.

Chainlink Price Eyes Additional Upsides

- In recent sessions, Chainlink has experienced a notable upward movement from the $13.00 zone, climbing above the $13.50 & $14.00 levels. Unlike Bitcoin, LINK bulls have been active.

- However, the price is encountering resistance around the $14.50 & $14.65 levels. A peak was reached at $14.63, & the price is now consolidating its gains. It remains above the 23.6% Fibonacci retracement level of the upward move from the $13.16 swing low to the $14.46 high.

- Chainlink is currently trading below the $15.00 level & the 100-hour simple moving average. A key contracting triangle is forming with resistance near $14.40 on the hourly chart of the LINK/USD pair (data source from Kraken).

- Immediate resistance lies near the $14.40 level or the triangle zone, with the next major resistance at $14.65. A clear break above $14.65 could trigger a steady increase toward the $15.00 level, with the next significant resistance at $15.20. Surpassing this could lead the price to test $15.85.

Potential for Another Decline

- If Chainlink fails to break the $14.40 resistance, it may decline, with initial support at $14.00 & major support at $13.80, near the 50% Fibonacci retracement level. Falling below this could test $13.50, with potential further losses to $13.15.

Technical Indicators

- Hourly #MACD : The MACD for LINK/USD is losing momentum in the bullish zone.

- Hourly #RSI (Relative Strength Index): The RSI for LINK/USD is currently above the 50 level.

Key Levels to Watch

- Major Support Levels: $14.00 & $13.80

- Major Resistance Levels: $14.40 & $14.65

Chainlink's price action suggests potential for significant gains if it can overcome key resistance levels, though it remains vulnerable to declines if it fails to do so.

Source - newsbtc.com

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