Analysis

Charted: Chainlink (LINK) is About to See “Liftoff” if It’s Able to Hold $13

Chainlink (LINK) is showing positive signs above the $ 13.00 support, similar to bitcoin. The price is likely to accelerate towards $ 15.00 or higher in the near term.

  • Chainlink token price is trading nicely above the $ 13.00 level against the US dollar.
  • The price is now facing hurdles near $ 14.00 and the 100 simple moving average (4-hours).
  • There is a major rising channel forming with support near $ 13.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is likely to continue higher above the $ 14.50 and $ 15.00 resistance levels.

Chainlink (LINK) Is Showing Positive Signs

After a sharp decline, there was a steady recovery in bitcoin, Ethereum, ripple, bitcoin cash, chainlink (LINK), and other major altcoins. LINK price climbed above the $ 12.00 and $ 12.50 resistance levels to move into a positive zone.

There was a close above the $ 13.00 level. The price spiked above the $ 14.00 level, but it failed to clear the $ 15.00 resistance. A high was formed near $ 14.89 before the price corrected to $ 13.03. The price is now trading nicely above the $ 13.00 level.

LINK price surpassed the $ 13.50 level, and it broke the 23.6% Fib retracement level of the recent decline from the $ 14.89 swing high to $ 13.03 swing low. It is now facing hurdles near $ 14.00 and the 100 simple moving average (4-hours).

Chainlink (LINK)

Source: LINKUSD on TradingView.com

There is also a major rising channel forming with support near $ 13.50 on the 4-hours chart of the LINK/USD pair. On the upside, the price must clear the $ 14.00 resistance to set the stage for more gains.

The 50% Fib retracement level of the recent decline from the $ 14.89 swing high to $ 13.03 swing low is also at $ 13.96. A clear break above the $ 14.00 resistance might increase the chances of more upsides above the $ 14.50 and $ 15.00 resistance levels.

Downsides Supported?

An initial support for chainlink’s price is near the $ 13.65 and $ 13.55 levels. The first major support is forming near the $ 13.50 level and the channel lower trend line.

If there is a downside break and close below the $ 13.50 support zone, there is a risk of a drop towards the $ 13.00 support level. The next major support is seen near the $ 11.50 level.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is struggling to gain momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently declining towards the 50 level.

Major Support Levels – $ 13.55, $ 13.50 and $ 13.00.

Major Resistance Levels – $ 14.00, $ 14.50 and $ 15.00.

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Technical analysis – NewsBTC

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