Key Highlights
– Chainlink has experienced a significant surge of over 20% and is currently trading above the resistance level of $17.40.
– The LINK price has successfully broken a major bearish trend line with a resistance level of $14.00 on the daily chart.
– There is a possibility that the price could continue to rise and test the resistance zone of $22.80 in the coming days.
Chainlink (LINK) is exhibiting a bullish momentum as it surpasses the $17.40 mark. The bulls currently have control and are aiming for a potential increase towards $20.00 or even $22.80.
Chainlink’s price has recently restarted its rally, experiencing a strong surge from the $13.00 zone. In comparison to Bitcoin and Ethereum, LINK has outperformed with a steady upward movement above the resistance level of $14.50. Furthermore, the price has successfully cleared a significant bearish trend line with a resistance level of $14.00 on the daily chart.
Additionally, there has been a breakthrough above the 50% Fibonacci retracement level of the downward movement from the swing high of $22.83 to the low of $11.96. The bulls have even managed to push the price above the $17.40 level and the 50-day simple moving average (blue).
Currently, the LINK price is facing resistance near the $18.80 zone and the 61.8% Fibonacci retracement level of the downward movement from the swing high of $22.83 to the low of $11.96. Chainlink recently tweeted about their upcoming birthday celebration. As Chainlink has been on the mainnet for 5 years, they plan to celebrate at Consensus.
Based on the current price action on the daily chart, it is evident that the price is displaying a strong upward trend above the $17.40 level. A clear breakthrough above the $18.80 resistance level could potentially lead to a surge towards the $20.00 resistance zone.
The next significant resistance level is located near $22.80. If the bulls maintain their momentum, LINK may experience a rally and reach the $25.00 barrier. Further gains could even result in a move towards $32.00.
However, in the event that Chainlink faces a failure near the $18.80 or $20.00 levels, a downside correction may occur. Immediate support can be found near the $17.40 zone, with the next major support level at $16.00 (which is a multi-touch zone). If the price falls below this level, it might slide further and test the 50-day simple moving average (blue). Any additional losses could potentially lead to a dip towards the $13.00 support zone in the coming weeks.
Overall, Chainlink’s LINK price is currently trading in a bullish zone above the $17.40 support level and the 50-day simple moving average (blue). It is possible that the price may experience a fresh surge above the $20.00 and $22.80 levels in the near future.