Chainlink LINK soars by 30% to a new all-time high and dethrones Bitcoin cash from its 5th spot in terms of market cap, trading at $17.00 as we are reading in our latest Chainlink news today.
LINK soars by 30% as it gains momentum breaking the $16.500 resistance against the US dollar. The market cap jumped sharply and LINK dethroned Bitcoin cash from its 5th spot in terms of market cap. There was a huge break above the key bearish trend line with a resistance of $13.00 on the 4-hour charts for the LINK/USD pair. The pair correct slightly but dips are likely to find buyers close to the $16.00 and $15.80.
Looking at the technical analysis, we can see a smaller chance of a surge above the $15.000 in Chainlink against the US dollar. LINK gained momentum above the $15.00 and surged over 30% in the past three sessions as we can see in the charts. the upward move was quite strong as the price broke the $16.00 resistance and settled above the 100 simple moving average. It then managed to break above the key bearish trend line with resistance close to the $13.300 on the charts. The market cap of LINK overtook Bitcoin Cash and moved it to the 5th spot. The new all-time high was formed close to the $16.93 and the price is now consolidating gains.
The initial support on the downside is close to the $16.00 level and the first major support will be forming close to the $15.80 level. It’s close to the 23.6% Fib retracement level from the recent surge of $12.192 swing low to $16.933. The main support is close to the $14.50 level coinciding with the 50% fib retracement level of the surge from $12.192. on the upside, the $17.00 level is a short-term resistance zone and if there are any more upsides, there is an open space so the price could even hit $20.
In the short-term, there could be a huge downside correction in the LINK price to the $16.20 support and if there are more losses, the $15.80 support will act as a buy zone. As per the 4-hour MACD for LINK/USD we can see the pair is gaining momentum in the bullish zone. The RSI for the pair is in the overbought territory while the support levels are set at $16.200 and $15.800.
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