Chainlink Price Outlook: Bullish Momentum Continues
Chainlink’s price is currently exhibiting positive signs and is aiming for further gains above $15.00 against the US dollar. As a crypto enthusiast, it’s essential to stay updated on the latest developments in the market to make informed decisions about your investments. Here’s a closer look at Chainlink’s price action and potential future movements to help you navigate the volatile crypto space.
Key Highlights:
- Chainlink is trading below the $15.00 level and the 100-hourly simple moving average.
- A key contracting triangle is forming with resistance near $14.40 on the hourly chart of the LINK/USD pair.
- The price could see further upside if it surpasses the $14.65 resistance zone.
Chainlink Price Eyes Additional Upsides π
Over the past few sessions, Chainlink has experienced a significant uptick from the $13.00 region. The cryptocurrency broke through key resistance levels at $13.50 and $14.00, signaling bullish momentum in the market. However, challenges lie ahead as the price faces hurdles near the $14.50 and $14.65 levels.
Currently, a high has been established at $14.63, and the price is consolidating these gains. Despite trading below the $15.00 level and the 100-hourly simple moving average, Chainlink is holding above the 23.6% Fibonacci retracement level from its recent swing low to high.
A crucial contracting triangle with resistance around $14.40 is forming on the hourly chart of the LINK/USD pair, indicating a potential breakout in the near term.
Another Decline In LINK? π
If Chainlink fails to overcome the $14.40 resistance level, a fresh decline could be on the horizon. Initial support is likely to be found near the $14.00 level or the lower bound of the triangle pattern. A breach below this support might lead to further downside towards the $13.80 level.
The 50% Fibonacci retracement level at $13.80 and the $13.50 support are crucial indicators to watch for potential bearish movements. Further losses could push the price towards the $13.15 level, posing a significant test for Chainlink’s bullish trend.
Technical Indicators and Key Levels π
- Hourly MACD β The MACD for LINK/USD is currently showing signs of losing momentum in the bullish zone.
- Hourly RSI β The RSI for LINK/USD is above the 50 level, indicating a possible continuation of the uptrend.
- Major Support Levels β $14.00 and $13.80.
- Major Resistance Levels β $14.40 and $14.65.
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