Chainlink (LINK) Price Continues to Rise
Chainlink (LINK) price is showing positive signs as it trades above $20.00 against the US dollar. The price has surpassed key resistance levels and is currently trading above the $20.50 level and the 100 simple moving average (4 hours). This indicates that the bulls are in control and the price could rally further if it clears the $22.00 resistance zone.
Bulls Push Chainlink Above Key Hurdles
In recent sessions, Chainlink bulls were able to push the price above several key hurdles, starting with $18.50. The price then formed a base above $16.75 and began a fresh increase. The bulls made a significant breakthrough by surpassing a key bearish trend line with resistance near $20.00 on the 4-hour chart of the LINK/USD pair. As a result, the pair surged above the $22.00 level and reached a new multi-month high at $22.85 before experiencing a downside correction.
Immediate Resistance and Potential Upside Targets
Currently, LINK is trading above the $20.50 level and the 100 simple moving average (4 hours), outperforming both Bitcoin and Ethereum with over 5% gains. If the bullish momentum continues, the price could rise even further. The immediate resistance is near the $21.80 level, followed by a major resistance zone at $22.00. A clear break above this level may initiate a steady increase towards the $23.00 and $24.20 levels, with a potential test of $25.00 if momentum persists.
Are Dips Limited?
However, if Chainlink fails to climb above the $22.00 resistance level, a downside correction could occur. The initial support on the downside is near the $21.00 level. Should the price continue to decline, the next major support is at $20.00 or the 50% Fib retracement level of the upward move from the $16.75 swing low to the $22.85 high. Further losses could lead LINK towards the $18.80 level, and if bearish sentiment persists, it may even test the $17.65 level in the near term.
Technical Indicators
As per technical indicators, the 4-hour MACD for LINK/USD is gaining momentum in the bullish zone, indicating a positive trend. The 4-hour RSI (Relative Strength Index) is now above the 50 level, which further supports the bullish outlook for Chainlink.
Summary
- Chainlink (LINK) price is trading above key levels and indicators, including $20.50 and the 100 simple moving average (4 hours).
- Bulls were able to push the price above several resistance levels, including a key bearish trend line near $20.00.
- The immediate resistance is near $21.80, followed by a major resistance zone at $22.00.
- If bullish momentum continues, LINK could rally towards $23.00 and $24.20 levels, with a potential test of $25.00.
- If the price fails to climb above the $22.00 resistance level, a downside correction could occur with initial support at $21.00.
- Technical indicators suggest a positive trend with gaining momentum in MACD and RSI above 50.
๐ฅ Hot Take: Chainlink Bulls Dominate as Price Surges ๐ฅ
Chainlink (LINK) continues to impress with its recent surge in price. Bulls have pushed the price above key resistance levels, indicating their dominance in the market. The current trading level above $20.50 and the 100 simple moving average (4 hours) suggests that the bulls are firmly in control.
โ Positive Signs for Chainlink
The breakout above the key bearish trend line near $20.00 was a significant achievement for Chainlink. This breakout propelled the price above $22.00, marking a new multi-month high at $22.85 before experiencing a minor correction.
๐ Potential Upside Targets
If the bullish momentum continues, LINK could rally even higher. The immediate resistance level is near $21.80, followed by a major resistance zone at $22.00. A clear break above this zone may initiate a steady increase towards the $23.00 and $24.20 levels, with a potential test of $25.00 if momentum persists.
โ ๏ธ Watch Out for Dips
However, if the price fails to climb above the $22.00 resistance level, there could be a downside correction. The initial support on the downside is near $21.00, followed by the key support level at $20.00 or the 50% Fib retracement level.
๐ Technical Indicators Support Bullish Trend
The technical indicators provide further support for Chainlinkโs bullish outlook:
- 4-hour MACD: Gaining momentum in the bullish zone
- 4-hour RSI (Relative Strength Index): Above 50 level
๐ In Summary
Chainlink (LINK) price is currently showing positive signs above $20.00, with bulls dominating the market. The breakout above key resistance levels and the trading level above the 100 simple moving average (4 hours) indicate that further upside potential exists.
While a downside correction is possible if the price fails to surpass the $22.00 resistance level, initial support levels can be found at $21.00 and $20.00. Technical indicators also support a bullish trend, with MACD gaining momentum in the bullish zone and RSI above 50.
The future looks bright for Chainlink as it continues its upward trajectory in the crypto market.
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