The price of Chainlink’s LINK token dipped back down to the $12.00 support level. If it recovers, it may face resistance at $13.50 and $15.00.
- Chainlink price is showing bearish signs below the $15.00 resistance against the US dollar.
The price is trading below the $14.20 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
The price could start a decent increase if it clears the $15.00 resistance zone.
Chainlink (LINK) Price Eyes Steady Increase
Over the last week or so, Chainlink experienced a significant drop in value, falling from above the $18.00 mark. The LINK price dipped below the $15.00 support point, pushing it into a temporary bearish trend much like Bitcoin and Ethereum.
The price dipped down to the $12.00 support mark, causing a low at $11.92. Now, it’s trying to bounce back with an upward trend. We saw the price go beyond the $12.50 mark and even surpassed the 23.6% Fibonacci retracement level of the downward slide from the peak at $18.66 to the trough at $11.92.
The price of LINK remains below the $14.20 mark and the 100-point moving average on the 4-hour chart. At present, there is resistance around $13.50. Additionally, a significant bearish trend line emerges on the same chart, with resistance at approximately $13.50 for the LINK/USD pair.
An upcoming significant barrier to price advancement lies around the $15.00 mark. If $15.00 is surpassed clearly, we may witness a consistent uptrend towards $16.00 or even the 61.8% Fibonacci retracement level derived from the downward trend between the $18.66 peak and the $11.92 low. The subsequent major resistance is found near $18.00; surpassing this level could potentially lead to a challenge of the $20.00 mark.
More Losses?
If the price of Chainlink doesn’t manage to rise above the $13.50 barrier, there’s a risk it might drop further. The bottom support can be found around $12.80.
In simpler terms, the price of LINK could potentially drop down to around $12.00 next, and if it falls further, it may hit $10.80. Continued declines might cause the price to approach $10.00 in the short term.
Technical Indicators
4 hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level.
Major Support Levels – $12.80 and $12.00.
Major Resistance Levels – $13.50 and $14.00.
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2024-04-18 07:52