As an experienced analyst, I have closely monitored Chainlink’s price action over the past few days. Based on my technical analysis and market observation, I believe that Chainlink is showing bullish signs and could continue to move up if it clears the $17.50 resistance zone.
The price of Chainlink’s LINK is surging past $16.50 with a strong bullish trend. If it manages to break through the resistance at $17.50, we may see further upward movement.
- Chainlink price is showing bullish signs and eyeing more gains above $17.00 against the US dollar.
The price is trading above the $16.50 level and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair (data source from Kraken).
The price could start another increase if it clears the $17.50 resistance zone.
Chainlink Price Eyes Additional Upsides
As a crypto investor, I’ve noticed that Chainlink has been performing positively in the past few days, maintaining a position above the $15.00 mark, similar to Bitcoin and Ethereum. We even saw a surge above significant resistance levels at $16.50 and $17.00. However, after reaching a peak of $17.45, there was a correction resulting in a downward price movement.
The price fell beneath $16.50 and reached a low of $15.35. A new low was established at $15.34, following which the price attempted to rise again. It surpassed the $16.50 mark and even exceeded the 50% Fibonacci retracement level of the decline from the peak of $17.45 to the trough of $15.34.
additionally, the LINK/USD pair surpassed a significant bearish trend line with a resistance point at approximately $16.50 on the hourly chart. Currently, Chainlink is trading above the $16.50 mark and above its 100-simple moving average (SMA) in the 4-hour timeframe.
The immediate opposition to further price decrease lies around the $16.90 mark or the 76.4% Fibonacci retracement level following the downward trend from the peak of $17.45 to the trough of $15.34. Subsequently, the significant resistance zone is located at approximately $17.50. A decisive surge above this barrier may potentially initiate a gradual progression towards the $18.20 mark. Another major resistance can be found near the $18.80 level; surpassing this threshold could lead to a challenge of the $20.00 price point.
Another Decline In LINK?
Should Chainlink’s price be unable to surpass the $17.50 resistance point, we may witness a new decrease. A supportive floor can be found around the $16.65 mark.
As a researcher studying the price trends of LINK, I would indicate that the next significant resistance lies around the $16.20 mark. A drop below this level might cause the price to challenge the $15.50 support. Further declines could potentially push LINK towards the $15.00 level in the short term.
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 level.
Major Support Levels – $16.65 and $16.20.
Major Resistance Levels – $17.00 and $17.50.
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2024-05-24 06:22