Chainlink (LINK) fell below $ 22.00 but stayed above $ 20.00 while Bitcoin and Ethereum struggled. The price is rising now and is likely to rise towards $ 24.00 and $ 25.00.
- Chainlink token price started a downward correction from the high of $ 25.89 against the US dollar.
- The price is well above the $ 20.00 level and the simple moving average of 100 (4 hours).
- A key upside channel is forming on the 4 hour chart of the LINK / USD pair (data source from Kraken) with support near USD 20.50.
- The price is rising and it seems like it will soon hit the USD 24.00 and USD 25.00 resistance levels again.
Chainlink (LINK) is gaining momentum
Recently Chainlink (LINK) started a downward revision from the high of $ 25.89 against the US dollar, similar to Bitcoin and Ethereum. There was a bearish pause below the USD 22.50 and USD 22.00 support levels.
The bears pushed the price below the 50% fib retracement level of the uptrend from the low of $ 17.20 to the high of $ 25.89. However, the bulls were active above the support zone of USD 20.00 and the simple moving average of 100 (4 hours).
Source: LINKUSD on TradingView.com
The price tested the 61.8% fib retracement level of the move up from the low of $ 17.20 to the high of $ 25.89. A key rising channel is also forming on the 4-hour chart of the LINK / USD pair with support near USD 20.50.
LINK is currently rising from channel support and trading above $ 22.00. It has even passed the $ 23.00 level and it appears the bulls are aiming for a new test of the $ 25.00 level. Further gains could open the doors for a move towards $ 26.50.
If chainlink’s price does not rise above the USD 24.00 level, there could be another drop. Initial support on the downside is near the USD 22.50 level.
Further losses below the $ 22.50 level could potentially move the price towards channel support. A break in channel support could jeopardize the $ 20.00 support in the short term.
4 Hour MACD – The LINK / USD MACD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LINK / USD is currently just above the 50 level.
Major support levels – $ 22.50, $ 21.20, and $ 20.60.
Main Resistance Levels – $ 24.00, $ 25.00, and $ 26.50.