Chainlink (LINK) is up over 15% and was able to surpass $15.00. The price now faces a few key hurdles near $18.00 and $20.00.
Chainlink Price Surges Over 15%
After a steady decline, Chainlink found support near the $13.00 zone. LINK formed a base and started a recovery wave above the $14.00 and $14.20 resistance levels. The bulls even pumped the price above the $15.00 resistance zone.
It is up over 15%, beating Bitcoin and Ethereum. There was also a move above the 23.6% Fib retracement level of the downward move from the $27.12 swing high to the $13.13 low.
LINK price is now showing many bullish signs above the $16.50 level. The last three daily candles suggest a strong increase in buying interest. However, Chainlink faces a few challenges. Immediate resistance is near the $17.40 level. There is also a contracting triangle forming with resistance at $17.30 on the daily chart.
The next resistance is $18.00 (a multi touch zone). A close above the $18.00 level could set the stage for a fresh surge. The main resistance is now forming near the $20.00 level and the 50-day simple moving average (blue).
The 50% Fib retracement level of the downward move from the $27.12 swing high to the $13.13 low is also near $20.00. If the bulls clear the $20.00 hurdle, it could open the doors for a pump toward the $22.50 resistance zone. The next key resistance is near the $23.80 level. Any more gains might send LINK price toward the $27.00 level.
Another Decline In LINK?
If Chainlink fails near $18.00 or $20.00 and the 50-day simple moving average (blue), there could be a downside correction. Immediate support is near the $16.00 zone.
The next major support is at $15.00, below which LINK price might slide and test $13.00 (a multi-touch zone) and the triangle’s trend line. Any more losses might call for a dip toward the $10.50 support zone in the coming days.
Overall, Chainlink’s LINK price is gaining pace above the $16.00 resistance zone. However, the bulls need to overcome $18.00 and the 50-day simple moving average (blue) to push the price further higher in the near term.
