NEW DELHI (CoinChapter.com) — Chainlink (LINK) shows positive signs above the $15.00 zone. The bulls could soon aim for a fresh surge above the $18.00 resistance.
Chainlink Price Remain In Uptrend
In the past few weeks, Chainlink has steadily increased above the $10.00 resistance, like Bitcoin and Ethereum. LINK price broke many hurdles above the $12.50 and $15.00 levels to move into a positive zone.
It even spiked above $17.50. A new multi-week high was formed near $17.72. The price faces a major resistance near the $17.50 zone and is currently consolidating gains. Recently, there was a minor pullback below the $16.50 level.
LINK price is now trading below the 23.6% Fib retracement level of the upward move from the $13.66 swing low to the $17.77 high. However, it is still well above $15.00 and the 50-day simple moving average (blue).
There is also a major bullish trend line forming with support near $15.20 on the daily chart. The trend line is close to the 61.8% Fib retracement level of the upward move from the $13.66 swing low to the $17.77 high.
If there is a downside extension, LINK might find strong bids near the $15.50 zone or the trend line. In the stated case, Chainlink bulls could aim for a fresh surge. Immediate resistance sits near the $17.20 level.
The first major resistance might be near the $17.50 zone. If the bulls remain in action, LINK might rally and climb toward the $20.00 barrier. A close above the $20.00 level could send it toward $22.00. Any more gains might call for a move toward $25.00.
Downside Reaction in LINK?
Conversely, Chainlink might fail to start a fresh surge above $17.50. Initial support is $15.50 or the 50-day simple moving average (blue). The first major support is at $15.20, or the trend line, below which the price might slide and test the $13.65 support zone.
The next major support sits at $12.00. A downside break below $12.00 might send Chainlink toward the $10.00 zone. Any more losses might call for a move toward the $8.50 pivot level.
Overall, Chainlink’s LINK price trades in a bullish zone above the $15.20 support and the 50-day simple moving average (blue). It could soon start a fresh surge above the $17.50 and $20.00 levels in the coming days.
