HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25

Altcoins 2021/01/18 09:12 by Aayush Jindal

Chainlink (LINK) rallied after it broke the $18.00 and $20.00 levels, while bitcoin and Ethereum remained in a range. The price is correcting gains, but dips could be limited below $21.50.

  • Chainlink token price is gaining strength and it already broke the key $20.00 level against the US dollar.
  • The price is correcting lower from $23.76 and trading well above the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $21.55 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is likely to resume its upward move above the $22.50 and $23.00 levels.

Chainlink (LINK) Rally Takes Breather

In the past few days, there was a strong increase in chainlink (LINK), and it outperformed bitcoin and Ethereum. The price broke many important hurdles near $18.00 and $20.00 to start the recent surge.

The upward move gained pace above $20.00 and there was also a close above the 100 simple moving average (4-hours). The price rallied above $22.00 and traded to a near yearly high at $23.76. Recently, the price started a downside correction below $23.00.

The price even broke the 23.6% Fib retracement level of the recent rally from the $19.41 swing low to $23.76 high. However, the price is finding a strong support near $21.50.

Chainlink (LINK)

Source: LINKUSD on TradingView.com

There is also a key bullish trend line forming with support near $21.55 on the 4-hours chart of the LINK/USD pair. The trend line is close to the 50% Fib retracement level of the recent rally from the $19.41 swing low to $23.76 high.

A downside break below the trend line support might spark a larger decline below $21.00. The next major support is near the $20.00 level (the recent breakout zone).

Fresh Increase?

If chainlink’s price stays above the $21.50 zone and the trend line area, it could start a fresh increase. An initial resistance on the upside is near the $23.00 level.

A clear break above the $23.00 level could open the doors for more upsides above the $23.50 zone. In the stated case, the price could surge above the $25.00 level.

Technical Indicators

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

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently well above the 60 level.

Major Support Levels – $21.50, $21.20 and $20.00.

Major Resistance Levels – $23.00, $23.50 and $25.00.

0 Like(s)



You should also read...

Other 20/08/20 09:48 by Aayush Jindal
Chainlink (LINK) Breaking This Single Level Could Spark a Fresh Surge
Chainlink (LINK) started a sharp downside correction from the $19.93 high against the US Dollar. It is now trading above the $15.00 support and eyeing a fresh surge above $17.00. Chainlink token pric...
Read More
Other 23/10/20 14:48 by Aayush Jindal
Charted: Chainlink (LINK) Starts Fresh Rally, Indicators Suggest A Run To $14
Chainlink (LINK) started a strong rally after a major correction towards the $9.80 level. The price is up over 20% and it is likely to continue higher above the $12.50 resistance. Chainlink token pri...
Read More
Other 30/11/20 08:48 by Aayush Jindal
Charted: Chainlink (LINK) Looks Ready For Another Leg Higher Over $15
Chainlink (LINK) remained stable above the $11.50 support and started a fresh increase, similar to bitcoin. The price is now trading above $13.50 and it could continue to rise above $15.00. Chainlink...
Read More
Other 26/01/21 08:18 by Aayush Jindal
Charted: Chainlink (LINK) Correcting Gains, Why Dips Remain Attractive
Chainlink (LINK) rallied towards the $26.00 level before correcting lower, similar to bitcoin and Ethereum. The price is now approaching a major support zone at $21.50. Chainlink token price gained p...
Read More
Other 08/02/21 08:18 by Aayush Jindal
Charted: Chainlink (LINK) Steadies above $24, Fresh Increase To $27 Likely
Chainlink (LINK) traded to a new yearly high near $27.00 before correcting lower, similar to bitcoin and Ethereum. The price is now holding a major support at $24.00 and the 100 SMA (H4). Chainlink t...
Read More