Chainlink Price Prediction: Will LINK Price Break $14.20 Resistance?
Chainlink’s price is currently showing bullish signs and aiming for further gains above $14.00 against the US dollar. The price has already surpassed key resistance levels and is trading comfortably above the $13.50 mark and the 100-hourly simple moving average.
Chainlink Price Turns Green 📈
Recently, Chainlink experienced a notable uptrend starting from the $12.65 region, breaking above the $13.00 and $13.20 levels. Bulls are now pushing for a consistent upward movement similar to Ethereum’s recent performance.
- Chainlink surpassed the 50% Fibonacci retracement level of the previous downtrend from $14.82 to $12.66.
- A major bearish trend line was breached with resistance around $13.60 on the hourly LINK/USD chart.
- The price is now above both the $13.50 support level and the 100-hourly simple moving average.
- Immediate resistance is anticipated near $14.05 or the 61.8% Fibonacci retracement level of the recent downtrend.
Are Dips Limited In LINK? 📉
If LINK fails to surge above the $14.20 resistance level, a downside correction might occur. Initial support is expected around $13.80, followed by a crucial support level at $13.65 or the 100-hourly simple moving average. Further downward movement could test the $13.50 support, potentially leading to a drop to $12.90 in the short term.
Technical Indicators 📊
- Hourly MACD – The MACD indicator for LINK/USD is gaining bullish momentum.
- Hourly RSI – The RSI for LINK/USD is above the crucial 50 level, indicating a positive trend.
- Major Support Levels – $13.80 and $13.50.
- Major Resistance Levels – $14.20 and $14.50.
Hot Take: The Future of Chainlink 🚀
As Chainlink continues to display a bullish outlook with potential for further gains, the $14.20 resistance level remains a key target for LINK. Traders should monitor the price action around this level to gauge the likelihood of a sustained upward movement towards $14.50 and beyond.
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