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Charted: Chainlink (LINK) Seems Unstoppable As Bulls Take Over Crypto Market

Crypto 2020/10/12 09:48 by Aayush Jindal

Chainlink (LINK) started a strong increase above the $9.65 resistance against the US Dollar. The price is now attempting another upside break above the $11.00 resistance.

  • Chainlink token price is showing positive signs above the $10.00 resistance against the US dollar.
  • The price is now testing the $11.00 resistance and it is well above the 100 simple moving average (4-hours).
  • There is a short-term rising channel forming with support near $10.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The pair could rally if there is a clear break above the $11.00 and $11.25 resistance levels.

Chainlink (LINK) Price Rallies 8%

In the last technical analysis, we saw a bullish breakout in chainlink (LINK) above the $9.00 resistance level. The price remained in a positive zone and it gained pace above the $10.00 resistance level (similar to bitcoin above $11,000).

The price rallied over 8% and it broke the 61.8% Fib retracement level of the key decline from the $11.30 swing high to $8.35 swing low. During the rise, there was a break above a crucial bearish trend line at $9.50 on the 4-hours chart of the LINK/USD pair.

The price is now testing the $11.00 resistance and it is well above the 100 simple moving average (4-hours). It is also trading above the 76.4% Fib retracement level of the key decline from the $11.30 swing high to $8.35 swing low.

Chainlink (LINK) Price

LINK price trades above $10.50. Source: TradingView.com

It seems like there is a short-term rising channel forming with support near $10.50 on the 4-hours chart of the same chart. A clear break above the $11.00 resistance level might open the doors for a sustained upward move.

The next immediate resistance is near the $11.25 level, above which the price could rally towards the $12.00 level. Any further gains could lead the price towards the $13.20 level.

Downsides Supported?

If chainlink’s price starts a downside correction, it might find support near the channel trend line at $10.50. The first major support is near the $10.20 level.

The main support is now forming near the $9.80 level and the 100 simple moving average (4-hours). Any further losses could lead the price towards the $9.65 support zone (the previous breakout zone).

Technical Indicators

4-hours MACD – The MACD for LINK/USD is now moving nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is now well above the 50 level.

Major Support Levels – $9.25, $9.20 and $9.00.

Major Resistance Levels – $9.65, $9.80 and $10.00.

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