Chainlink (LINK) Primed for Another Surge: Major Rally on the Horizon?

Chainlink’s
LINK
price
is
gaining
bullish
momentum
above
$16.50.
The
price
could
continue
to
move
up
if
it
clears
the
$17.50
resistance
zone.

• Chainlink
  price
  is
  showing
  bullish
  signs
  and
  eyeing
  more
  gains
  above
  $17.00
  against
  the
  US
  dollar.
• The
  price
  is
  trading
  above
  the
  $16.50
  level
  and
  the
  100-hourly
  simple
  moving
  average.
• There
  was
  a
  break
  above
  a
  key
  bearish
  trend
  line
  with
  resistance
  near
  $16.50
  on
  the
  hourly
  chart
  of
  the
  LINK/USD
  pair
  (data
  source
  from
  Kraken).
• The
  price
  could
  start
  another
  increase
  if
  it
  clears
  the
  $17.50
  resistance
  zone.

Chainlink
Price
Eyes
Additional
Upsides

In
the
past
few
days,
Chainlink
remained
in
a
positive
zone
above
the
$15.00
level,
like

Bitcoin
and

Ethereum.
There
was
a
move
above
the
$16.50
and
$17.00
levels.
A
high
was
formed
at
$17.45
before
there
was
a
downside
correction.

The
price
dipped
below
$16.50
and
tested
$15.35.
A
low
was
formed
at
$15.34
and
the
price
recently
attempted
a
fresh
increase.
There
was
a
move
above
the
$16.50
level.
It
even
jumped
above
the
50%
Fib
retracement
level
of
the
downward
move
from
the
$17.45
swing
high
to
the
$15.34
low.

Besides,
there
was
a
break
above
a
key
bearish
trend
line
with
resistance
near
$16.50
on
the
hourly
chart
of
the
LINK/USD
pair.
Chainlink
is
now
trading
above
the
$16.50
level
and
the
100
simple
moving
average
(4
hours).

Immediate
resistance
is
near
the
$16.90
level
or
the
76.4%
Fib
retracement
level
of
the
downward
move
from
the
$17.45
swing
high
to
the
$15.34
low.
The
next
major
resistance
is
near
the
$17.50
zone.
A
clear
break
above
$17.50
may
possibly
start
a
steady
increase
toward
the
$18.20
level.
The
next
major
resistance
is
near
the
$18.80
level,
above
which
the
price
could
test
$20.00.

Another
Decline
In
LINK?

If
Chainlink’s
price
fails
to
climb
above
the
$17.50
resistance
level,
there
could
be
a
fresh
decline.
Initial
support
on
the
downside
is
near
the
$16.65
level.

The
next
major
support
is
near
the
$16.20
level,
below
which
the
price
might
test
the
$15.50
level.
Any
more
losses
could
lead
LINK
toward
the
$15.00
level
in
the
near
term.

Technical
Indicators

Hourly
MACD
–
The
MACD
for
LINK/USD
is
gaining
momentum
in
the
bullish
zone.

Hourly
RSI
(Relative
Strength
Index)
–
The
RSI
for
LINK/USD
is
now
above
the
50
level.

Major
Support
Levels
–
$16.65
and
$16.20.

Major
Resistance
Levels
–
$17.00
and
$17.50.