Chainlink price expected to rise further

Chainlink has been in a positive zone above the $15.00 level for the past few days, just like Bitcoin and Ethereum. It broke the $16.50 and $17.00 levels. A high was formed at $17.45 before a downside correction.

The price declined below $16.50 and tested $15.35. A low was formed at $15.34 and recently the price attempted to rise again. The price broke the $16.50 level. It even jumped above the 50% Fibonacci retracement level of the down move from the $17.45 high to $15.34 low.

Moreover, there was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair. Chainlink is currently trading above the $16.50 level and the 100 simple moving average (4-hours).

An immediate resistance is near the $16.90 level, which is the 76.4% Fibonacci retracement level of the downward move from the $17.45 high to $15.34 low. The next major resistance is near the $17.50 area. A clear break above $17.50 could lead to a steady rise to $18.20. The next major resistance is near the $18.80 level, above which the price could test $20.00.

LINK Falls Again?

If the Chainlink price fails to clear the $17.50 resistance, there could be a fresh decline. An initial support on the downside is near $16.65.

The next major support is near $16.20, below which the price could test $15.50. If LINK continues to decline, it could drop to $15.00 in the near term.

Technical indicators

Hourly MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – 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.