Chainlink Signals Upside Break: Analyzing LINK’s Bullish Indicators

As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price movements in various cryptocurrencies, including Chainlink (LINK). Based on the current technical analysis, I believe that LINK is showing promising signs of recovery and potential gains.

As a crypto investor, I’ve noticed that Chainlink’s LINK price has bounced back from its support at $12.65. The price is currently picking up steam and could potentially break through the resistance level at $14.20.

    Chainlink price is showing bullish signs and eyeing more gains above $14.00 against the US dollar.
    The price is trading above the $13.50 level and the 100-hourly simple moving average.
    There was a break above a major bearish trend line with resistance near $13.60 on the hourly chart of the LINK/USD pair (data source from Kraken).
    The price could extend gains if it clears the $14.20 resistance zone.

Chainlink Price Turns Green

Over the last several interactions, Chainlink exhibited a noteworthy surge, breaking past the $12.65 mark. It then surpassed the resistance levels at $13.00 and $13.20. The bullish trend for LINK is currently striving to maintain an uptrend akin to Ethereum.

The price of LINK/USD experienced a noticeable advance, surpassing the 50% Fibonacci retracement mark in the downward trend from its peak at $14.82 to its trough at $12.66. Additionally, there was a significant breach above the prominent bearish trendline on the hourly chart, which previously offered resistance around $13.60.

Chainlink currently trades above both the $13.50 mark and its 100-hour moving average. The next resistance lies around $14.05 or at the 61.8% Fibonacci retracement level of the price drop from its peak at $14.82 to its low at $12.66.

Chainlink Signals Upside Break: Analyzing LINK’s Bullish Indicators

The next major resistance is near the $14.20 zone. A clear break above $14.20 may possibly start a steady increase toward the $14.50 level. The next major resistance is near the $14.80 level, above which the price could test $15.00. Any more gains might send the price toward the $15.50 resistance level in the coming sessions.

Are Dips Limited In LINK?

If Chainlink’s price doesn’t manage to rise above the $14.20 barrier, we might witness a price drop. The floor for this potential decline lies around $13.80.

As a researcher studying the price trend of LINK, I’ve identified that the next significant support lies around the $13.65 mark or the 100-hourly simple moving average. Should the price drop below this point, it may challenge the $13.50 level in the short term. If losses continue to accrue, LINK could potentially slide toward the $12.90 level in the near future.

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 – $13.80 and $13.50.

Major Resistance Levels – $14.20 and $14.50.

Read More

2024-06-25 07:52