Charted: Chainlink (LINK) Looks Ready For Another Leg Higher Over $13.5


Chainlink (LINK) is holding the key $12.50 support level, similar to bitcoin at $18,500. The price is likely to start a strong increase above $13.50 as long as it is above $12.50.

  • Chainlink token price is consolidating above the key $12.50 support against the US dollar.
  • The price is now facing hurdles near $13.50 and the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $13.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is likely to break above $13.50 unless there is a clear break below $12.50.

Chainlink (LINK) Could Rally above $13.5

In the past few sessions, there were mostly range moves in bitcoin, Ethereum, ripple bitcoin cash, chainlink (LINK), and other major altcoins. LINK price started a short-term downside correction after it failed to stay above $14.00.

How To Get Free Crypto  

A high was formed near $14.25 before the price declined below $13.50 and $13.00. However, the bulls protected the main $12.50 support area. A low is formed near $12.50 and the price is currently rising. There was a break above the $13.00 level.

Reloads and free spins available every day, for every player, in mBitcasino Crypto Autumn Bonanza! Play Now!

The price even spiked above the 50% Fib retracement level of the recent drop from the $14.25 swing high to $12.50 swing low. It is now facing hurdles near $13.50 and the 100 simple moving average (4-hours).

Source: LINKUSD on TradingView.com

There is also a key contracting triangle forming with resistance near $13.50 on the 4-hours chart of the LINK/USD pair. The triangle resistance coincides with the 61.8% Fib retracement level of the recent drop from the $14.25 swing high to $12.50 swing low.

A clear break above the $13.50 resistance zone might increase the chances of a sharp upward move above $14.00. The next key resistance is at $14.25, above which the price might rise towards $15.50 and $16.20.

Coinbase Banner  

Downsides Supported?

An initial support for chainlink’s price is near the $13.05 and $13.0 levels. The first major support is forming near the $12.80 level and the triangle lower trend line.

If there is a downside break and close below the triangle support zone, the price could revisit $12.50. Any more losses may possibly start a strong downward move below $12.00 and $11.80.

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 close to the 50 level.

Major Support Levels – $13.00, $12.80 and $12.50.

Major Resistance Levels – $13.50, $13.80 and $15.00.

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.