As a researcher with extensive experience in cryptocurrency markets, I have closely observed Chainlink’s price behavior over the past few sessions. Based on my analysis of the current market trends and technical indicators, I believe that Chainlink’s price is showing bullish signs and eyeing more gains above $15.00 against the US dollar. However, the price is currently facing resistance near the $14.65 zone and has formed a contracting triangle on the hourly chart.
The price of Chainlink’s LINK token remains stable above the $14.00 support level. If it manages to surmount the $14.65 resistance barrier, it could trigger a bullish trend.
- Chainlink price is showing bullish signs and eyeing more gains above $15.00 against the US dollar.
The price is trading below the $15.00 level and the 100-hourly simple moving average.
There is a key contracting triangle forming with resistance near $14.40 on the hourly chart of the LINK/USD pair (data source from Kraken).
The price could start another increase if it clears the $14.65 resistance zone.
Chainlink Price Eyes Additional Upsides
Over the last several interactions, Chainlink experienced a notable surge, breaking past the $13.50 and $14.00 thresholds. Bullish sentiment for LINK was particularly strong compared to Bitcoin.
The price encounters resistance around $14.50 and $14.65, with a peak reached at $14.63. Currently, the price is pausing to consolidate its advance. It trades above the 23.6% Fibonacci retracement level, signifying ongoing upward momentum from the low of $13.16 to the high of $14.46.
The price of Chainlink presently hovers below the $15.00 mark and falls short of its 100-hour moving average. Additionally, an essential contracting triangle is shaping up on the hourly chart for the LINK/USD pair, with resistance at approximately $14.40.
Near $14.40 and in the triangle area, you’ll find strong resistance for the price. Moving forward, $14.65 signifies the next significant resistance point. A decisive surge past this level might trigger a continuous climb towards reaching $15.00. Beyond $15.20, which is another major resistance, lies the potential for further upswings, possibly even testing $15.85.
Another Decline In LINK?
As a researcher studying the cryptocurrency market, I’ve noticed that Chainlink’s price has been unable to break through the resistance level at $14.40. If this level fails to hold and the price drops, we could be in for another decline. The initial support for Chainlink is around the $14.00 mark or the trend line of the triangle formation.
The price may encounter significant resistance around the $13.80 mark or the halfway point of the price rally from $13.16 to $14.46. A drop below this level could cause the price to revisit the $13.50 mark. Further declines might push LINK down to the nearby $13.15 support.
Technical Indicators
Hourly MACD – The MACD for LINK/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.
Major Support Levels – $14.00 and $13.80.
Major Resistance Levels – $14.40 and $14.65.
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2024-06-20 07:34