Chainlink’s LINK worth is gaining bullish momentum above $16.50. The worth may proceed to maneuver up if it clears the $17.50 resistance zone.
- Chainlink worth is displaying bullish indicators and eyeing extra positive factors above $17.00 towards the US greenback.
- The worth is buying and selling above the $16.50 stage and the 100-hourly easy shifting common.
- There was a break above a key bearish pattern line with resistance close to $16.50 on the hourly chart of the LINK/USD pair (information supply from Kraken).
- The worth may begin one other improve if it clears the $17.50 resistance zone.
Chainlink Price Eyes Additional Upsides
In the previous few days, Chainlink remained in a constructive zone above the $15.00 stage, like Bitcoin and Ethereum. There was a transfer above the $16.50 and $17.00 ranges. A excessive was shaped at $17.45 earlier than there was a draw back correction.
The worth dipped under $16.50 and examined $15.35. A low was shaped at $15.34 and the worth just lately tried a recent improve. There was a transfer above the $16.50 stage. It even jumped above the 50% Fib retracement stage of the downward transfer from the $17.45 swing excessive to the $15.34 low.
Besides, there was a break above a key bearish pattern line with resistance close to $16.50 on the hourly chart of the LINK/USD pair. Chainlink is now buying and selling above the $16.50 stage and the 100 easy shifting common (4 hours).
Immediate resistance is close to the $16.90 stage or the 76.4% Fib retracement stage of the downward transfer from the $17.45 swing excessive to the $15.34 low. The subsequent main resistance is close to the $17.50 zone. A transparent break above $17.50 might presumably begin a gradual improve towards the $18.20 stage. The subsequent main resistance is close to the $18.80 stage, above which the worth may check $20.00.
Another Decline In LINK?
If Chainlink’s worth fails to climb above the $17.50 resistance stage, there may very well be a recent decline. Initial assist on the draw back is close to the $16.65 stage.
The subsequent main assist is close to the $16.20 stage, under which the worth may check the $15.50 stage. Any extra losses could lead on LINK towards the $15.00 stage in the close to time period.
Technical Indicators
Hourly MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 stage.
Major Support Levels – $16.65 and $16.20.
Major Resistance Levels – $17.00 and $17.50.
