Chainlink’s LINK price has surged by more than 40%, now trading above $10. Bullish momentum appears to be at play, and there’s potential for a push toward the $12 resistance level.
Currently, Chainlink’s price is gaining ground above the $10.00 mark and the 100-day simple moving average against the US dollar. On the daily chart for the LINK/USD pair (data source: Kraken), there’s an important bullish trend line taking shape, with support around $8.60. This indicates that the price may continue to rise, targeting the $11.25 and $12.00 resistance levels.
Chainlink’s Recent Strong Price Surge
Chainlink’s LINK price has experienced a significant upswing against the US Dollar in the past few days. The price established a base above $7.00 before the bulls entered the scene. This led to a substantial surge above the resistance levels of $7.50 and $8.00.
Over the last three days, the price has soared by more than 40%, overcoming various obstacles around $9.00. The recent rise in Bitcoin’s price also contributed to LINK’s breakthrough of the $10.00 resistance. This surge resulted in a new multi-week high, reaching approximately $10.99.
The price is currently consolidating its gains, comfortably staying above the 23.6% Fibonacci retracement level of the upward movement from the swing low of $7.11 to the high of $10.99.
Furthermore, LINK is now trading above $10.00 and the 100-day simple moving average on the four-hour chart. Additionally, a crucial bullish trend line is forming, with support at about $8.60, as seen on the daily chart for the LINK/USD pair. This trend line aligns closely with the 61.8% Fibonacci retracement level of the upward move from the $7.11 swing low to the $10.99 high.
Source: LINKUSD on TradingView.com
In the event of another uptick, the price may encounter resistance near $11.20, with the primary resistance at approximately $12.00. A decisive break above $12.00 could potentially trigger a steady ascent towards the $12.20 and $12.50 levels. Beyond these levels, the next significant resistance emerges around $13.20, which, if breached, might lead to a test of $15.00.
Are LINK Dips Restricted?
If Chainlink is unable to surpass the $11.20 resistance level, there might be a downward correction. The initial support on the downside can be found around the $10.00 level.
The next significant support level is approximately $9.00, and if this level is breached, the price could test the support provided by the trend line at $8.60. Further losses might lead LINK towards the $8.00 level in the near future.
Technical Indicators
- 4-Hour MACD: The MACD indicator for LINK/USD is gaining strength in the bullish zone.
- 4-Hour RSI (Relative Strength Index): The RSI for LINK/USD is currently above the 50 level.
Key Support and Resistance Levels
- Major Support Levels: $10.00 and $9.00.
- Major Resistance Levels: $11.20 and $12.00.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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