Experience the thrill of Chainlink’s LINK price soaring above the $20.00 resistance level, with a promising 5% surge leading towards the $25.00 mark.
- Witness Chainlink’s price displaying positive momentum above $20.00 against the US dollar.
- The price is comfortably trading above the $20.50 mark and the 100 simple moving average (4 hours).
- A significant breakthrough occurred as a bearish trend line was shattered with resistance near $20.00 on the 4-hour chart of the LINK/USD pair (data sourced from Kraken).
- Potential for further upside movement if the $22.00 resistance zone is conquered.
Unlocking Higher Price Targets for Chainlink (LINK)
In recent sessions, Chainlink bulls have managed to navigate past key obstacles at $18.50. Previously stagnant, the LINK price established a base above $16.75, setting the stage for a fresh upsurge.
A crucial bearish trend line near $20.00 was breached on the 4-hour LINK/USD chart. The bulls propelled prices past the $22.00 threshold, marking a noteworthy multi-month high at $22.85 before a minor downside correction took place.
Subsequently, a dip below the $22.00 mark ensued. The price retraced below the 23.6% Fibonacci level of the upward movement from the $16.75 swing low to the $22.85 high.
With LINK trading above the $20.50 level and the 100 simple moving average (4 hours), the price has surged over 5%, outperforming both Bitcoin and Ethereum. A potential rise lingers should the bulls continue to dominate, with immediate resistance near the $21.80 level.
Source: LINKUSD on TradingView.com
The $22.00 zone stands as the next major resistance. A decisive breakthrough could initiate a strong uptrend towards the $23.00 and $24.20 levels, eventually targeting $25.00.
Ensuring Limited Dips for Chainlink
In the scenario where Chainlink’s price struggles to breach the $22.00 resistance level, a downward correction may ensue. Initial support is anticipated near the $21.00 level.
The subsequent major support hovers around the $20.00 mark or the 50% Fibonacci retracement level from the $16.75 swing low to the $22.85 high. Further downward movement could test the $18.80 level, potentially guiding LINK towards $17.65 in the short term.
Technical Indicators
4 hours MACD – The MACD for LINK/USD indicates a bullish momentum uptick.
4 hours RSI (Relative Strength Index) – The RSI for LINK/USD has now surpassed the 50 level, portraying strength.
Major Support Levels – $21.00 and $20.00.
Major Resistance Levels – $22.00 and $23.00.
Disclaimer: This article serves as an educational guide and does not reflect NewsBTC’s investment recommendations. Trading involves risk, and individuals are advised to conduct thorough research before making any financial decisions. All information provided on this website is at the user’s own discretion.
