The price of Chainlink’s LINK, a rapidly ascending player in the world of cryptocurrency, has taken the finance market by storm with a notable bullish momentum above the $16.50 threshold. According to market analysts, we might expect an upward continuation of its price trajectory if it successfully overcomes the $17.50 hurdle nestled in the resistance zone.
Indeed, Chainlink’s success story goes beyond the numbers. It’s exhibiting promising signs of bullishness, with the goal being a higher gain extending beyond a healthy $17.00 against the US dollar. Currently, LINK is in an impressive trade pattern, holding its ground considerably well above the $16.50 mark and hovering smoothly over the 100-hourly simple moving average.
Additionally, one cannot overlook Chainlink’s important achievement. With resistance hovering around the $16.50 mark, it managed to break free of the tight fetters of a crucial bearish trend line on the hourly chart of the LINK/USD pairing, a clear indication it was gaining steadier grounds.
Staring into the face of the $17.50 resistance zone, the price of LINK might just be on the brink of another surge. Over the previous days, Chainlink demonstrated commendable tenacity, holding firmly its position well above the $15.00 point, mirroring the merely positive aspects of Bitcoin and Ethereum.
After reaching a zenith at $17.45, there was a slight pull towards the downside again as the price dipped below the $16.50 mark, testing waters at $15.35. A low was recorded at $15.34, followed by an attempt to climb up again, namely, a fresh upsurge. This fresh burst allowed the price to surge past the $16.50 mark, also clearing the 50% Fibonacci retracement level of the downward swing from the $17.45 high to $15.34 low.
Looking ahead, immediate resistance lies around the $16.90 mark or the 76.4% Fibonacci retracement level from the $17.45 high to the $15.34 low. The resistance zone’s major hurdle lists near the $17.50 mark. Should LINK price exhibit a distinct breakthrough over the $17.50 barrier, it could potentially stimulate a steady climb towards the $18.20 level. The subsequent significant resistance hovers around the $18.80 level, transcendence of which might set the price off to test a robust $20.00.
On the flip side, if LINK falls short of surmounting the imposing $17.50 resistance level, it might again face a decline. Initial support on a downward drift situates around the $16.65 mark, with the next major support located near the $16.20 level. If the price drops even further, it might be running tests on the $15.50 level. Any further failures could potentially push LINK down towards the $15.00 level in the short term.
Lastly, the coupling of the MACD and the RSI provides a further glimpse into the market’s direction. The Hourly MACD for LINK/USD is embracing a promising rise in bullish momentum. The hourly RSI for LINK/USD, meanwhile, is now graciously floating above the neutral 50 level. This indicates that buyers retain the upper hand for now.
