LINK Price Rallies Over 5%, A New Uptrend In The Making For Chainlink?

Chainlink’s LINK price is moving higher above the $15.00 resistance. The price is now up over 5% and might aim for a move toward the $18.00 resistance.

• Chainlink price is showing positive signs above $14.50 against the US dollar.
• The price is trading above the $15.00 level and the 100 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $14.85 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
• The price could rally further if it clears the $16.40 resistance zone.

In the past few sessions, Chainlink bulls were able to send the price above a few key hurdles at $14.50. Earlier, LINK price formed a base above the $12.50 and started a fresh increase.

There was a break above a key bearish trend line with resistance near $14.85 on the 4-hour chart of the LINK/USD pair. The bulls pumped the pair above the 50% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low.

LINK is now trading above the $15.00 level and the 100 simple moving average (4 hours). The price is up over 5% and outpacing both Bitcoin and Ethereum. If the bulls remain in action, the price could rise further. Immediate resistance is near the 61.8% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low at $15.65.

Source: LINKUSD on TradingView.com

The next major resistance is near the $16.40 zone. A clear break above $16.40 may possibly start a steady increase toward the $17.50 and $18.00 levels. The next major resistance is near the $18.80 level, above which the price could test $20.00.

If Chainlink’s price fails to climb above the $15.65 resistance level, there could be a downside correction. Initial support on the downside is near the $14.50 level.

The next major support is near the $13.70 level, below which the price might test the $13.00 level. Any more losses could lead LINK toward the $12.50 level in the near term.

Technical Indicators

4 hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.

Major Support Levels – $15.00 and $14.50.

Major Resistance Levels – $15.65 and $16.50.