Key takeaways
Chainlink is up over 20% and trading above the $17.40 resistance. LINK price cleared a major bearish trend line with resistance at $14.00 on the daily chart. The price could rally further and test the $22.80 resistance zone in the coming days. Chainlink priceNEW DELHI (CoinChapter.com) — Chainlink (LINK) is gaining bullish momentum above $17.40. The bulls are in control and seem to be aiming for a move toward $20.00 or even $22.80.
Chainlink Price Restarts Rally
In the past few days, Chainlink saw a strong increase from the $13.00 zone. LINK outperformed Bitcoin and Ethereum with a steady move above the $14.50 resistance zone. The price cleared a major bearish trend line with resistance at $14.00 on the daily chart.
There was a move above the 50% Fib retracement level of the downward move from the $22.83 swing high to the $11.96 low. The bulls even pushed the price above the $17.40 level and the 50-day simple moving average (blue).
Chainlink price daily chart | Source: LINK/USD on TradingView.comLINK price is now facing resistance near the $18.80 zone and the 61.8% Fib retracement level of the downward move from the $22.83 swing high to the $11.96 low. Recently, Chainlink tweeted about their birthday bash. It’s been 5 years since Chainlink launched on mainnet and wants to celebrate at Consensus.
The current price action on the daily chart suggests that the price is showing a strong uptrend above the $17.40 level. A clear move above the $18.80 resistance could open the doors for a pump toward the $20.00 resistance zone.
The next key resistance is near the $22.80 level. If the bulls remain in action, LINK might rally and climb toward the $25.00 barrier. Any more gains might call for a move toward $32.00.
Another Decline In LINK?
If Chainlink fails near $18.80 or $20.00, there could be a downside correction. Immediate support is near the $17.40 zone. The next major support is at $16.00 (a multi-touch zone), below which LINK price might slide and test the 50-day simple moving average (blue). Any more losses might call for a dip toward the $13.00 support zone in the coming weeks.
Overall, Chainlink’s LINK price is trading in a bullish zone above the $17.40 support and the 50-day simple moving average (blue). It could soon start a fresh surge above the $20.00 and $22.80 levels in the near term.
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