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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?
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Breaking News: HYPE Soars Beyond $40 Following Robinhood Listing: What’s Next For Hyperliquid’s Price?

Charted: Chainlink (LINK) Seems Unstoppable As Bulls Take Over Crypto Market

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Chainlink (LINK)

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Chainlink (LINK) started a strong increase above the $9.65 resistance against the US Dollar. The price is now attempting another upside break above the $11.00 resistance.

  • Chainlink token price is showing positive signs above the $10.00 resistance against the US dollar.
  • The price is now testing the $11.00 resistance and it is well above the 100 simple moving average (4-hours).
  • There is a short-term rising channel forming with support near $10.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The pair could rally if there is a clear break above the $11.00 and $11.25 resistance levels.

Chainlink (LINK) Price Rallies 8%

In the last technical analysis, we saw a bullish breakout in chainlink (LINK) above the $9.00 resistance level. The price remained in a positive zone and it gained pace above the $10.00 resistance level (similar to bitcoin above $11,000).

The price rallied over 8% and it broke the 61.8% Fib retracement level of the key decline from the $11.30 swing high to $8.35 swing low. During the rise, there was a break above a crucial bearish trend line at $9.50 on the 4-hours chart of the LINK/USD pair.

The price is now testing the $11.00 resistance and it is well above the 100 simple moving average (4-hours). It is also trading above the 76.4% Fib retracement level of the key decline from the $11.30 swing high to $8.35 swing low.

Chainlink (LINK) Price

LINK price trades above $10.50. Source: TradingView.com

It seems like there is a short-term rising channel forming with support near $10.50 on the 4-hours chart of the same chart. A clear break above the $11.00 resistance level might open the doors for a sustained upward move.

The next immediate resistance is near the $11.25 level, above which the price could rally towards the $12.00 level. Any further gains could lead the price towards the $13.20 level.

Downsides Supported?

If chainlink’s price starts a downside correction, it might find support near the channel trend line at $10.50. The first major support is near the $10.20 level.

The main support is now forming near the $9.80 level and the 100 simple moving average (4-hours). Any further losses could lead the price towards the $9.65 support zone (the previous breakout zone).

Technical Indicators

4-hours MACD – The MACD for LINK/USD is now moving nicely in the bullish zone.

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

Major Support Levels – $9.25, $9.20 and $9.00.

Major Resistance Levels – $9.65, $9.80 and $10.00.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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