With LINK breaking a single crucial level above $15.00, the altcoin could go on another fresh price surge as we are about to see in the chainlink news analysis today.
The token price is now trading above the key $15.00 support zone against the US dollar as the bulls are facing a couple of important hurdles close to the $16.95 and the $17.00 levels. There’s a key bullish trend line forming close to the $15.40 on the 4-hour charts of the LINK/USD pair. the pair will likely start a fresh surge once it clears the $17.00.
With LINK breaking the crucial level, it could surge close to $20.00. Once before when it tried surging close to the $20.00 level, LINK started a substantial downside correction against the US dollar. LINK formed the new all-time high close to the $19.93 and dropped below the $18.00 zone. The price broke the key support of $17.00 to move into the short-term bearish zone. There was also another break below the 50% fib retracement level of the upward move from the $12.19 swing low to the $19.93 swing high.
If the bulls are able to protect the $15.00 support zone and the price stayed above the 100 simple moving average, it seems that the 61% fib retracement level of the upward move from $12.19 to the $19.93 is acting as strong support. The price is now trading nicely above the $15.50 and $16.00 but there’s also a key bullish trend line forming close to the $15.40 support on the charts for the pair. on the upside, LINK is facing a major hurdle close to the $16.95 and the $17.00 levels and if there’s another upside break above this level, the price could test the next hurdle of $18.00 or a connecting bearish trend line that is forming close to the $18.30 resistance on the same chart.
On the downside, Chainlink’s price will find a strong bid close to the trend line support and $15.00, and the next major support is close to the $14.00 level with the 100 simple moving average. A downside break below the $14.00 support level will push the price into a bearish zone. In this case, the price will drop to $12. As previously reported, the asset was close to hitting an all-time high price of $20 which is a 1000% increase from the lows in March. Very few expected that the price action will stop but it did a day ago when in only 30 minutes the price of Chainlink dropped by 20% from the $18.80 range to the $14.50 range.
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