LINK is holding the uptrend support at the $23.79 level and rallied towards $24K similar to bitcoin and Ethereum’s price movements. The price is now trading near a major support zone at $20.00 with many chances of rallying higher so let’s read more in today’s Chainlink news.
Chainlink’s token price traded as high as $23.79 before being able to start a downside correction against the US dollar and the price even traded above the $20.00 level and the 100 simple moving average. There’s a connecting bearish trend line forming with the resistance near the $21.70 on the 4-hour charts of the pair with the price being able to extend losses to $18.20 before starting a new increase in the near-term.
After the clear break above $20.00, LINK continued its rally and surged above the $22.00 level while settling well above the 100 simple moving average. The coin traded to $23.79 before going on a new correction and there was a break below $22 and $21.20 support levels so breaking below the contracting triangle here with the support at $21.50 is highly likely as per the 4-hour chart of the pair. The bulls lost control and the price increase below the $20.50 level but the drop was limited and the price only got to $19.90. LINK is trading above the $20.00 support and it is staying above the 100 simple moving average.
The resistance for LINK is close to the $20.80 level and it is close to the 23.6% fib retracement level at the decline from $23.79 high to the $19.90 low. What’s more to it, there’s a connecting bearish trend line that is forming with the resistance close to the $21.70 on the charts with a trend line closing to the 50% fib retracement level at the decline from the $23.79 high to the $19.90 low. Breaking above this trend line could open the doors for a push above $25.00. LINK is holding the uptrend support but if the price fails to continue higher, it could correct lower. The first major support is close to the $20.00 level and the next major support is set at the $18.20 level where the bulls could take a stand.
The 4-hour MACD indicator for the pair is gaining momentum in the bearish zone while the 4-hour RSI for LINK/USD pair is close to the 50 level. The major support levels include $20.00 and $19.10 while the major resistance levels include $20.80 and $21.70.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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