Chainlink's LINK Price Surges Over 5%, Initiates Potential Uptrend

Positive Momentum for Chainlink's LINK Price, Eyeing $18.00 Resistance

Chainlink's LINK price is exhibiting positive signs as it climbs over 5%, surpassing the $15.00 resistance level. The current momentum suggests a potential move towards the $18.00 resistance zone.

Key Highlights:

1. Price Movement: Chainlink's LINK price is showing positive signs above $14.50 against the US dollar.
2. Moving Averages: The price is trading above the $15.00 level and the 100 simple moving average (4 hours).
3. Bearish Trend Line Break: A key bearish trend line with resistance near $14.85 was broken on the 4-hour chart of the LINK/USD pair.
4. Bullish Move: LINK bulls propelled the price above the 50% Fib retracement level of the downward move from the $17.59 swing high to the $12.50 low.
5. Resistance Levels: Immediate resistance is near the 61.8% Fib retracement level at $15.65. The next significant resistance lies near the $16.40 zone.
6. Further Upside Potential: A clear break above $16.40 could lead to a steady increase toward $17.50 and $18.00 levels. The subsequent major resistance is near $18.80, potentially testing $20.00.
7. Dips and Support: In case the price fails to surpass $15.65, there might be a downside correction. Initial support is near $14.50, followed by major support at $13.70. Further losses could lead LINK toward the $13.00 level, with $12.50 as a potential near-term target.

Source:LINKUSD on TradingView.com

Technical Indicators:

1. MACD: The 4-hour MACD for LINK/USD is gaining momentum in the bullish zone.
2. RSI (Relative Strength Index): The 4-hour RSI for LINK/USD is now above the 50 level, indicating positive momentum.

Key Levels to Watch:

• Support Levels: $15.00, $14.50, $13.70, $13.00
• Resistance Levels: $15.65, $16.40, $17.50, $18.00, $18.80, $20.00

Chainlink's LINK price is on an upward trajectory, surpassing key resistance levels and showing potential for further gains. The bullish move is supported by breaking a bearish trend line and trading above moving averages. The next targets include $16.40, $17.50, and $18.00, with strong support levels identified in case of a correction. Technical indicators suggest positive momentum, hinting at a favorable outlook for Chainlink's LINK price in the near term.