Technicals Suggest Chainlink (LINK) Could Surge Further Above $15

Chainlink (LINK) rallied close to $14.500 before starting a downside correction against the US Dollar. It is currently holding the $12.500 and it seems to be aligning for more gains above $15.000.

  • Chainlink token price is trading in a strong uptrend above $12.500 and $13.000 against the US dollar.
  • The price is likely to accelerate higher above the $14.000 and $14.200 resistance levels.
  • There is a key rising channel forming with support near $13.050 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The pair might correct a few points, but dips are likely to find buyers near $13.000 and $12.500.

Chainlink (LINK) Remains In Strong Uptrend

In the past few days, there was a steady rise in chainlink (LINK) above the $10.000 and $12.000 resistance levels against the US Dollar. LINK even broke the key $12.50 resistance and settled well above the 100 simple moving average (4-hours).

It traded to a new all-time high near $14.500 and recently corrected lower. There was a break below the $14.000 and $13.200 support levels. The price even corrected lower below the 23.6% Fib retracement level of the upward move from the $9.185 swing low to $14.496 high.

However, the bulls were able to protect the $12.500 support zone. The price also remained stable above the 50% Fib retracement level of the upward move from the $9.185 swing low to $14.496 high.

LINK price above $12.500. Source: TradingView.com

It seems like there is a key rising channel forming with support near $13.050 on the 4-hours chart of the LINK/USD pair. On the upside, the price is facing a coupe of hurdles near $14.000 and $14.200. If the bulls gain strength above $14.200, the price could easily clear the $14.500 resistance.

In the mentioned case, the price could accelerate higher towards the $15.000 and $15.200 levels. The next major resistance is seen near the $15.600 level. Any further gains might open the doors for $16.00 in the near term.

Dips Supported

In the short-term, there could be a minor downside correction in LINK price towards the $13.200 support. The first major support is near the $13.000 level.

The main support is near the $12.500 level, below which the price could start an extended decline towards the $11.000 support or even 10.250.

Technical Indicators

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

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently correcting lower towards the 55 level.

Major Support Levels – $13.200, $13.000 and $12.500.

Major Resistance Levels – $14.000, $14.500 and $15.000.

Source