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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Chainlink (LINK) Rallies 20%, But Price Runs Into Crucial Resistance

Aayush Jindal
Aayush Jindal
5 years ago
2 mins read
Chainlink (LINK)

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Chainlink (LINK) is up around 20% from the $9.20 swing low against the US Dollar. It broke the $12.00 resistance, but now facing a major resistance near the $13.50 level.

  • Chainlink token price started a strong recovery wave from the $9.21 monthly low against the US dollar.
  • It gained pace above the $12.00 resistance, but is still below the 100 simple moving average (4-hours).
  • There is a crucial bearish trend line forming with resistance near $13.00 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The pair must break $13.00 and $13.50 to continue higher in the near term.

Chainlink (LINK) Rally is Facing Hurdles

This past week, we saw a sharp decline in bitcoin, Ethereum, ripple, and chainlink (LINK) against the US Dollar. LINK broke many supports near $15.00 and the 100 simple moving average (4-hours) to move into a bearish zone.

The decline gained pace below the $13.50 and $12.50 support levels. It even broke the $10.00 level and traded to a new monthly low at $9.21. Recently, the bulls came into action and the price pumped above the $10.00 pivot level.

There was a break above the 23.6% Fib retracement level of the downward move from the $17.74 high to $9.21 low. Chainlink rallied 20% and it even broke the $13.00 level.

Chainlink (LINK)

LINK price above $13.000. Source: TradingView.com

However, the price is now facing a major hurdle near the $13.00 and $13.50 levels. There is also a crucial bearish trend line forming with resistance near $13.00 on the 4-hours chart of the LINK/USD pair. The trend line coincides with the 50% Fib retracement level of the downward move from the $17.74 high to $9.21 low.

It seems like the bulls might struggle to clear the trend line and the $13.50 resistance. If they succeed, chainlink (LINK) might rise steadily towards the $15.50 and $15.50 levels in the near term.

Dips Likely to be Supported

On the downside, chainlink’s price is likely to find strong bids near the $11.50 and $11.20 levels. The next major support is near the $11.05 level.

A downside break below the $11.00 support level could push the price back into a negative zone. In the stated case, the price could continue to decline towards the $10.00 level.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is slowly losing pace in the bullish zone.

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

Major Support Levels – $11.50, $11.20 and $11.05.

Major Resistance Levels – $13.00, $13.20 and $13.50.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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