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Charted: Chainlink (LINK) Holding Key Support, Why Bulls Could Aim $15

Other 2020/11/18 08:48 by Aayush Jindal

Chainlink (LINK) gained momentum after it broke the $13.00 resistance. It traded towards $14.25 before correcting lower sharply, but it seems like dips remain limited.

  • Chainlink token price rallied above the $13.00 and $13.50 resistance levels against the US dollar.
  • The price surged towards the $14.25 level and settled above the 100 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $13.05 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price corrected lower sharply, but the previous hurdle near $13.00 is now acting as a support.

Chainlink (LINK) Is Holding $13.00

In the past few days, there was a steady rise in chainlink (LINK) above the $12.50 resistance zone. The price even settled above the $1.00 resistance and the 100 simple moving average (4-hours).

Recently, there was a sharp increase in bitcoin and Ethereum, resulting in a surge above $13.00. There was also a break above a major contracting triangle with resistance near $13.05 on the 4-hours chart of the LINK/USD pair.

The pair even climbed above $13.50 and traded to a new monthly high at $14.25 before correcting lower. There was a sharp decline below the $14.00 level. LINK traded below the 23.6% Fib retracement level of the recent rise from the $11.84 swing low to $14.25 high.

Chainlink (LINK)

Source: LINKUSD on TradingView.com

However, the previous resistance near the $13.00 level is now acting as a strong support along with the broken triangle trend line. The 50% Fib retracement level of the recent rise from the $11.84 swing low to $14.25 high is also providing support.

On the upside, the price is facing a major hurdle near $13.65. A clear break and close above $13.65 could open the doors for more gains above the $14.00 resistance level. The next major resistance is near $14.25, above which the price could even clear $14.50.

Downsides Limited?

An initial support for chainlink’s price is near the $13.10 and $13.05 levels. The main support is forming near the $13.00 level (the previous breakout zone).

If there is a downside break and close below the $13.00 support zone, there is a risk of a bearish move towards the $12.20 support level or even towards the 100 simple moving average (4-hours).

Technical Indicators

4-hours MACD – The MACD for LINK/USD is slowly losing momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is correcting lower towards the 55 level.

Major Support Levels – $13.05, $13.00 and $12.20.

Major Resistance Levels – $13.65, $14.00 and $14.25.

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