Chainlink's LINK price is gaining momentum and could continue to rise if it breaks above the $17.50 resistance area.

Chainlink price is showing bullish signs and aiming for more gains above $17.00.

The price is trading above the $16.50 level and the 100 SMA.

There was a break above the key downtrend line with resistance near $16.50.

The price could start another increase if it clears the $17.50 resistance area.

Over the past few days, Chainlink has remained in positive territory above the $15 level, just like Ethereum. There was a move above the $16.50 and $17 levels. A high was formed at $17.45 before a downside correction.

A clear break above $17.50 could start a steady rise towards $18.20. The next major resistance is near the $18.80 level, above which the price could test $20.

If $LINK fails to break above the $17.50 resistance level, a fresh decline is possible. Initial support on the downside is near the $16.65 level.