Chainlink’s LINK price is gaining bullish momentum above $16.50. The price could continue to rise if it crosses the USD 17.50 resistance zone.
- Chainlink price is showing bullish signs and expects more gains above $17.00 against the US dollar.
- The price is trading above the USD 16.50 level and the 100-hour simple moving average.
- There was a break above a key bearish trendline with resistance around $16.50 on the hourly chart of the LINK/USD pair (Kraken data source).
- The price could rise again if it crosses the USD 17.50 resistance zone.
Chainlink Price Eyes Extra benefits
In recent days, Chainlink has remained in a positive zone above the $15.00 level, along with Bitcoin and Ethereum. There was a move above the USD 16.50 and USD 17.00 levels. It reached a high of $17.45 before a downward correction.
The price fell below $16.50 and tested $15.35. A low was formed at $15.34 and the price recently tried to rise again. There was a move above the USD 16.50 level. It even jumped above the 50% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low.
Additionally, there was a break above a key bearish trendline with resistance around $16.50 on the hourly chart of the LINK/USD pair. Chainlink is now trading above the $16.50 level and the 100 simple moving average (4-hours).
Immediate resistance is near the $16.90 level or the 76.4% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low. The next major resistance is near the $17.50 zone. A clear break above $17.50 could potentially trigger a steady rise towards the $18.20 level. The next major resistance is near the USD 18.80 level, above which the price could test USD 20.00.
Another drop in LINK?
If Chainlink price fails to rise above the USD 17.50 resistance level, a fresh decline could occur. The initial downside support is near the $16.65 level.
The next major support is near the USD 16.20 level, below which the price could test the USD 15.50 level. Any further losses could push LINK towards the $15.00 level in the short 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 – $16.65 and $16.20.
Major resistance levels – $17.00 and $17.50.