Charted: Chainlink (LINK) Holding Key Support, Bulls Aim Fresh Test of $25

Aayush Jindal

Last Updated: June 11, 2024 2:13 pm

2 mins read

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Chainlink (LINK) dipped below $22.00, but it stayed above $20.00, whereas bitcoin and Ethereum struggled. The price is now rising and it is likely to rise towards $24.00 and $25.00.

Chainlink token price started a downside correction from the $25.89 high against the US dollar.
The price is well bid above the $20.00 level and the 100 simple moving average (4-hours).
There is a crucial rising channel forming with support near $20.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
The price is rising and it seems like it may soon revisit the $24.00 and $25.00 resistance levels.

Chainlink (LINK) is Gaining Momentum

Recently, chainlink (LINK) started a downside correction from the $25.89 high against the US Dollar, similar to bitcoin and Ethereum. There was a downside break below the $22.50 and $22.00 support levels.

The bears were able to push the price below the 50% Fib retracement level of the upward move from the $17.20 swing low to $25.89 high. However, the bulls were active above the $20.00 support zone and the 100 simple moving average (4-hours).

Source: LINKUSD on TradingView.com

The price tested the 61.8% Fib retracement level of the upward move from the $17.20 swing low to $25.89 high. There is also a crucial rising channel forming with support near $20.50 on the 4-hours chart of the LINK/USD pair.

LINK is currently rising from the channel support and trading above $22.00. It even surpassed the $23.00 level and it seems like the bulls are aiming a fresh test of the $25.00 level. Any more gains could open the doors for a move towards the $26.50 level.

Fresh Drop?

If chainlink’s price fails to climb above the $24.00 level, there could be a fresh decline. An initial support on the downside is near the $22.50 level.

Any more losses below the $22.50 level may possibly lead the price towards the channel support. A break below the channel support might put the $20.00 support at risk in the near term.

Technical Indicators

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

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

Major Support Levels – $22.50, $21.20 and $20.60.

Major Resistance Levels – $24.00, $25.00 and $26.50.

Aayush Jindal

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