Crypto News

Charted: Chainlink (LINK) is About to See “Liftoff” if It’s Able to Hold $13

Chainlink (LINK) is showing positive signs above the $13.00 support, similar to bitcoin. The price is likely to accelerate towards $15.00 or higher in the near term.

  • Chainlink token price is trading nicely above the $13.00 level against the US dollar.
  • The price is now facing hurdles near $14.00 and the 100 simple moving average (4-hours).
  • There is a major rising channel forming with support near $13.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is likely to continue higher above the $14.50 and $15.00 resistance levels.

Chainlink (LINK) Is Showing Positive Signs

After a sharp decline, there was a steady recovery in bitcoin, Ethereum, ripple, bitcoin cash, chainlink (LINK), and other major altcoins. LINK price climbed above the $12.00 and $12.50 resistance levels to move into a positive zone.

There was a close above the $13.00 level. The price spiked above the $14.00 level, but it failed to clear the $15.00 resistance. A high was formed near $14.89 before the price corrected to $13.03. The price is now trading nicely above the $13.00 level.

LINK price surpassed the $13.50 level, and it broke the 23.6% Fib retracement level of the recent decline from the $14.89 swing high to $13.03 swing low. It is now facing hurdles near $14.00 and the 100 simple moving average (4-hours).

Chainlink (LINK)

Source: LINKUSD on TradingView.com

There is also a major rising channel forming with support near $13.50 on the 4-hours chart of the LINK/USD pair. On the upside, the price must clear the $14.00 resistance to set the stage for more gains.

The 50% Fib retracement level of the recent decline from the $14.89 swing high to $13.03 swing low is also at $13.96. A clear break above the $14.00 resistance might increase the chances of more upsides above the $14.50 and $15.00 resistance levels.

Downsides Supported?

An initial support for chainlink’s price is near the $13.65 and $13.55 levels. The first major support is forming near the $13.50 level and the channel lower trend line.

If there is a downside break and close below the $13.50 support zone, there is a risk of a drop towards the $13.00 support level. The next major support is seen near the $11.50 level.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is struggling to gain momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently declining towards the 50 level.

Major Support Levels – $13.55, $13.50 and $13.00.

Major Resistance Levels – $14.00, $14.50 and $15.00.

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Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

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