Chainlink (LINK) Primed for Another Surge: Major Rally on the Horizon?
May 23 2024 - 11:18PM
NEWSBTC
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). 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.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024