LINK looks ready for another move to the upside to over $13.5 with the asset holding the key support at $12.50 which is a level that the price could start increasing higher as we are reading more in the latest Chainlink coin news.
Chainlink’s token price is consolidating above the key $12.50 support level against the US dollar with the price facing hurdles at $13.50 and the 100 hourly simple moving average. There’s also a key contracting triangle forming with the resistance near $13.50 on the 4-hour charts of the pair with the price likely to break the $13.50 zone unless there’s a clear break below the $12.50 level. Over the past few sessions, there is a range of moves in BTC and ETH as well as Ripple, Bitcoin Cash, and Chainlink. LINK started a short-term downside correction after failing to remain steady at $14.00.
A new high was formed near $14.25 before the price dropped below $13.50 and $13.00. However, the bulls protected the main support area of $12.50 and a new low got formed here with the price rising higher since then. There was a break above the $13.00 level and the price even spiked above the 50% fib retracement level from the drop of $14.25 swing high to $12.50 swing low. The price spiked above the 50% fib retracement level from the drop at $14.25 swing high to the $12.50 swing low with hurdles near the $13.50 and the 100 simple moving average.
There’s a key contracting triangle forming with the resistance at $13.50 on the 4-hour charts of the pair. the triangle resistance coincided with the 61.8% fib retracement level from the recent drop from the $14.25 swing high to the $12.50 swing low. Breaking above the $13.50 resistance zone could increase the chances of a sharp upward movement above $14.00 with a next key resistance at $14.25 where the price could start increased towards $15.50 and $16.20.
LINK looks ready for another upside movement with initial support for Chainlink’s price nearing the $13.05 and $13.00 levels. The first major support is forming close to the $12.80 level and the triangle lower trend line. If there’s a downside break and close below the triangle support zone, the price will likely revisit the $12.50 level but more losses could start another downside movement below $12.00 and $11.80. The 4-hour MACD for the pair is struggling to gain momentum in the bullish zone while the 4-hour RSI is close to the 50 levels.
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