NEW DELHI (CoinChapter.com) — Chainlink (LINK) jumped above the $13.50 and $15.00 resistance levels. It seems to be setting up for a fresh rally if it clears the $16.20 and $16.50 levels.
Chainlink Price Aims Higher
After a strong decline, Chainlink saw a downside correction from the $16.60 zone. There was a move below the $15.50 and $15.00 levels. LINK price even spiked below the $13.50 support before the bulls appeared.
A low was formed near the $12.89 level, and the price recently started a fresh increase, like Bitcoin and Ethereum. There was a steady increase above the $13.50 and $14.20 resistance levels. The price settled well above the $15.00 level and the 50-day simple moving average (blue).
LINK price is now trading above the 76.4% Fib retracement level of the downward move from the $16.58 swing high to the $12.89 low. It is now showing signs of more upsides above the $16.00 level.
The price follows a contracting triangle with resistance near $16.20 on the daily chart. There could be a strong rally if there is a clear upside break above the triangle resistance. Immediate resistance sits near the $16.60 level.
The first major resistance might be near the 1.618 Fib extension level of the downward move from the $16.58 swing high to the $12.89 low at $18.86. LINK might surge further if the bulls remain in action and test the main barrier at $20.00. Any more gains might call for a move toward $22.00.
LINK Tops At $16.50?
Conversely, Chainlink might fail to start a fresh surge above $16.50. Initial support sits at $15.25. The first major support is at $14.75 or the triangle lower trend line, below which the price might slide and test the $13.75 support zone.
The next major support is $13.50 or the 50-day simple moving average (blue). A downside break below $13.50 might send Chainlink toward the $12.00 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 $15.00 support and the 50-day simple moving average (blue). In the coming days, it could soon attempt a fresh rally toward the $18.85 and $20.00 levels.
