Chainlink’s LINK price retested the $12.00 support zone. The price is now eyeing a recovery wave above the $13.50 and $15.00 resistance levels.
- Chainlink price is showing bearish signs below the $15.00 resistance against the US dollar.
- The price is trading below the $14.20 level and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
- The price could start a decent increase if it clears the $15.00 resistance zone.
Chainlink (LINK) Price Eyes Steady Increase
In the past few days, Chainlink saw a major decline from well above the $18.00 level. LINK price declined below the $15.00 pivot level to enter a short-term bearish zone, like Bitcoin and Ethereum.
The price tested the $12.00 support zone. A low was formed at $11.92 and the price is now attempting a recovery wave. There was a move above the $12.50 level. It even jumped above the 23.6% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low.
LINK price is still trading below the $14.20 level and the 100 simple moving average (4 hours). Immediate resistance is near the $13.50 level. There is also a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair.
Source: LINKUSD on TradingView.com
The next major resistance is near the $15.00 zone. A clear break above $15.00 may possibly start a steady increase toward the $16.00 level or the 61.8% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low. The next major resistance is near the $18.00 level, above which the price could test $20.00.
More Losses?
If Chainlink’s price fails to climb above the $13.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $12.80 level.
The next major support is near the $12.00 level, below which the price might test the $10.80 level. Any more losses could lead LINK toward the $10.00 level in the near term.
Technical Indicators
4 hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level.
Major Support Levels – $12.80 and $12.00.
Major Resistance Levels – $13.50 and $14.00.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Aayush Jindal
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