Chainlink’s LINK price retested the $12.00 support zone. The price is now looking at a recovery wave above the USD 13.50 and USD 15.00 resistance levels.
- Chainlink price is showing bearish signs below the USD 15.00 resistance against the US Dollar.
- The price is trading below the USD 14.20 level and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance around $13.50 on the 4-hour chart of the LINK/USD pair (Kraken data source).
- The price could start a decent rise if it crosses the USD 15.00 resistance zone.
Chainlink (LINK) Price looks steady increase
Over the past few days, Chainlink has seen a big drop from well above the $18.00 level. LINK price fell below the $15.00 pivot level and entered 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 trying to make a recovery wave. There was a move above the USD 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 USD 14.20 level and the 100 simple moving average (4 hours). The immediate resistance is near the $13.50 level. There is also a major bearish trendline forming with resistance around $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 could potentially trigger a steady rise towards 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 USD 18.00 level, above which the price could test USD 20.00.
Lose more?
If Chainlink price fails to rise above the USD 13.50 resistance level, a fresh decline could occur. The initial downside support is near the $12.80 level.
The next major support is near the USD 12.00 level, below which the price could test the USD 10.80 level. Any further losses could push LINK towards the $10.00 level in the near term.
Technical indicators
4-hour MACD – The MACD for LINK/USD is gaining strength in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level.
Major support levels – USD 12.80 and USD 12.00.
Major resistance levels – $13.50 and $14.00.
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