Chainlink Signals Upside Break: Analyzing LINK’s Bullish Indicators

NewsBTC
Updated Jun 25, 2024 05:46
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Chainlink’s LINK price is recovering from the $12.65 support. The price is gaining bullish momentum and might aim for a move above the $14.20 resistance.


■  Chainlink price is showing bullish signs and eyeing more gains above $14.00 against the US dollar.

■  The price is trading above the $13.50 level and the 100-hourly simple moving average.

■  There was a break above a major bearish trend line with resistance near $13.60 on the hourly chart of the LINK/USD pair (data source from Kraken).

■  The price could extend gains if it clears the $14.20 resistance zone.


Chainlink Price Turns Green


In the past few sessions, Chainlink saw a decent upward move from the $12.65 zone. There was a move above the $13.00 and $13.20 levels. LINK bulls are now attempting a steady upward move like Ethereum.


There was a clear move above the 50% Fib retracement level of the downward move from the $14.82 swing high to the $12.66 low. There was also a break above a major bearish trend line with resistance near $13.60 on the hourly chart of the LINK/USD pair.


Chainlink is now trading above the $13.50 level and the 100-hourly simple moving average. Immediate resistance is near the $14.05 level or the 61.8% Fib retracement level of the downward move from the $14.82 swing high to the $12.66 low.

Chainlink Price

The next major resistance is near the $14.20 zone. A clear break above $14.20 may possibly start a steady increase toward the $14.50 level. The next major resistance is near the $14.80 level, above which the price could test $15.00. Any more gains might send the price toward the $15.50 resistance level in the coming sessions.


Are Dips Limited In LINK?


If Chainlink’s price fails to climb above the $14.20 resistance level, there could be a downside correction. Initial support on the downside is near the $13.80 level.


The next major support is near the $13.65 level or the 100-hourly simple moving average, below which the price might test the $13.50 level. Any more losses could lead LINK toward the $12.90 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 – $13.80 and $13.50.

Major Resistance Levels – $14.20 and $14.50.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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