NEW DELHI (CoinChapter.com) — Chainlink (LINK) rallied above the $13.50 and $15.00 resistance levels. It corrected lower, but the $13.50 support could spark a fresh rally.
Chainlink Price Reaches Key Uptrend Support
In the last LINK price prediction, we discussed why dips could be attractive. Chainlink remained in the positive territory and dips were brought back by the bulls. The price gained strength from the $10.55 level and rallied over 20%.
There was a close above the $13.50 resistance zone and the 50-day simple moving average (blue). The price even rallied above $15.00 and tested the $16.50 zone. A high was formed near $16.58 and the price started a downside correction, like Bitcoin.
LINK declined below the $15.00 support. It broke the 23.6% Fib retracement level of the upward move from the $10.55 swing low to the $16.58 high. It is now retesting a major support at $13.50 on the daily chart.
The previous channel resistance is now acting as a support at $13.50. It is also close to the 50% Fib retracement level of the upward move from the $10.55 swing low to the $16.58 high.
If Chainlink remains stable above the $13.50 support, it could start a fresh surge. Immediate resistance is near the $15.20 level. The first key resistance is near $15.50, above which the price could rally and revisit the $16.50 resistance.
A close above the $16.50 resistance could set the stage for another rally. In the stated case, LINK price could visit the $18.00 resistance. Any more gains might send the price toward $20.00.
More Downsides In LINK?
Conversely, Chainlink might fail to start a fresh surge above $15.50. Initial support sits at $14.00. The first major support is at $13.50, below which the price might slide and test the $12.00 support zone. The next major support sits at $10.00 or the 50-day simple moving average (blue).
A downside break below $10.00 might send Chainlink toward the $8.25 zone. Any more losses might call for a move toward the $6.00 pivot level.
Overall, Chainlink’s LINK price is trading in a bullish zone above the $13.50 support and the 50-day simple moving average (blue). It could soon attempt a fresh rally unless it slides below $13.50 and then $12.00.
