banner
Dec 3, 2020
31 Views
Comments Off on Charted: Chainlink (LINK) is About to See “Liftoff” if It’s Able to Hold $13
0 0

Charted: Chainlink (LINK) is About to See “Liftoff” if It’s Able to Hold $13

Written by

Chainlink (LINK) is showing positive signs above the $13.00 support, similar to bitcoin. The price is likely to accelerate towards $15.00 or higher in the near term.

  • Chainlink token price is trading nicely above the $13.00 level against the US dollar.
  • The price is now facing hurdles near $14.00 and the 100 simple moving average (4-hours).
  • There is a major rising channel forming with support near $13.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is likely to continue higher above the $14.50 and $15.00 resistance levels.

Chainlink (LINK) Is Showing Positive Signs

After a sharp decline, there was a steady recovery in bitcoin, Ethereum, ripple, bitcoin cash, chainlink (LINK), and other major altcoins. LINK price climbed above the $12.00 and $12.50 resistance levels to move into a positive zone.

There was a close above the $13.00 level. The price spiked above the $14.00 level, but it failed to clear the $15.00 resistance. A high was formed near $14.89 before the price corrected to $13.03. The price is now trading nicely above the $13.00 level.

LINK price surpassed the $13.50 level, and it broke the 23.6% Fib retracement level of the recent decline from the $14.89 swing high to $13.03 swing low. It is now facing hurdles near $14.00 and the 100 simple moving average (4-hours).

Chainlink (LINK)

Source: LINKUSD on TradingView.com

There is also a major rising channel forming with support near $13.50 on the 4-hours chart of the LINK/USD pair. On the upside, the price must clear the $14.00 resistance to set the stage for more gains.

The 50% Fib retracement level of the recent decline from the $14.89 swing high to $13.03 swing low is also at $13.96. A clear break above the $14.00 resistance might increase the chances of more upsides above the $14.50 and $15.00 resistance levels.

Downsides Supported?

An initial support for chainlink’s price is near the $13.65 and $13.55 levels. The first major support is forming near the $13.50 level and the channel lower trend line.

If there is a downside break and close below the $13.50 support zone, there is a risk of a drop towards the $13.00 support level. The next major support is seen near the $11.50 level.

Technical Indicators

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

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

Major Support Levels – $13.55, $13.50 and $13.00.

Major Resistance Levels – $14.00, $14.50 and $15.00.

Article Categories:
link · LINKBTC · LINKUSD · linkusdt
banner

Comments are closed.