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Major Rally on the Horizon?

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Chainlink’s LINK price is gaining bullish momentum above $16.50. The price could continue to move up if it clears the $17.50 resistance zone.

  • Chainlink price is showing bullish signs and eyeing more gains above $17.00 against the US dollar.
  • The price is trading above the $16.50 level and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair (data source from Kraken).
  • The price could start another increase if it clears the $17.50 resistance zone.

Chainlink Price Eyes Additional Upsides

In the past few days, Chainlink remained in a positive zone above the $15.00 level, like Bitcoin and Ethereum. There was a move above the $16.50 and $17.00 levels. A high was formed at $17.45 before there was a downside correction.

The price dipped below $16.50 and tested $15.35. A low was formed at $15.34 and the price recently attempted a fresh increase. There was a move above the $16.50 level. It even jumped above the 50% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low.

Besides, there was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair. Chainlink is now trading above the $16.50 level and the 100 simple moving average (4 hours).

Chainlink Price
Source: LINKUSD on TradingView.com

Immediate resistance is near the $16.90 level or the 76.4% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low. The next major resistance is near the $17.50 zone. A clear break above $17.50 may possibly start a steady increase toward the $18.20 level. The next major resistance is near the $18.80 level, above which the price could test $20.00.

Another Decline In LINK?

If Chainlink’s price fails to climb above the $17.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $16.65 level.

The next major support is near the $16.20 level, below which the price might test the $15.50 level. Any more losses could lead LINK toward the $15.00 level in the near term.

Technical Indicators

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

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

Major Support Levels – $16.65 and $16.20.

Major Resistance Levels – $17.00 and $17.50.

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