Chainlink (LINK) is attempting a fresh increase from $11.00. The price shows positive signs, but it must clear $15.00 to start a full-strength rally.
Chainlink Price Faces Uphill Task
After a substantial decline, Chainlink found support near the $11.00 zone. A low was formed at $10.97, and the price recently started a recovery wave. There was a move above the $11.50 and $12.50 resistance levels.
LINK surpassed the 23.6% Fib retracement level of the downward move from the $17.91 swing high to the $10.97 low. The last two daily candles were bullish, and it outperformed Bitcoin and Ethereum in the previous two sessions with a push above the $13.20 resistance.
LINK price is now showing many bullish signs above the $13.00 level, but it is still below the 50-day simple moving average (blue). The current price action is positive, and the bulls might aim for more gains.
Immediate resistance is near the $14.00 level. The first significant resistance is near the $14.40 level. A key bearish trend line is forming with resistance at $14.40 on the daily chart. It coincides with the 50% Fib retracement level of the downward move from the $17.91 swing high to the $10.97 low.
A close above the trend line resistance could send LINK toward the next key barrier at $15.00 and the 50-day simple moving average (blue). The price must settle above the $15.00 pivot level to continue higher.
The next resistance is $16.25. The price could reverse if the bulls manage a daily close above the $16.25 level. LINK could rise and drift toward the $18.00 level in the stated case.
The primary resistance is now forming near the $19.50 level and the 1.236 Fib extension level of the downward move from the $17.91 swing high to the $10.97 low. If the bulls clear the $19.50 hurdle, it could open the doors for a pump toward the $22.00 resistance zone. Any more gains might send LINK price toward the $25.00 level.
Another Decline In LINK?
There could be a downside correction if Chainlink fails near $14.40 or $15.00 and the 50-day simple moving average (blue). Immediate support is near the $13.00 zone.
The next significant support is $12.20, below which LINK price might slide and test $11.00 (a multi-touch zone). Any more losses might call for a dip toward the $10.00 support zone in the coming days.
Overall, Chainlink’s LINK price is increasing above the $13.00 resistance zone. However, the bulls must overcome $14.40 and the 50-day simple moving average (blue) to push the price further higher in the near term.
