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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Charted: Chainlink (LINK) Steadies above $24, Fresh Increase To $27 Likely

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Chainlink (LINK)

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Chainlink (LINK) traded to a new yearly high near $27.00 before correcting lower, similar to bitcoin and Ethereum. The price is now holding a major support at $24.00 and the 100 SMA (H4).

  • Chainlink token price started a downside correction from the $27.03 high against the US dollar.
  • The price is well bid above the $24.00 level and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $23.85 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is showing positive signs and it could start a fresh increase towards the $27.00 level.

Chainlink (LINK) Remains Well Supported

After a close above $25.00, chainlink (LINK) extended its upward move against the US Dollar, similar to bitcoin and Ethereum. There was a clear break above the $26.50 level and the price traded to a new high at $27.03.

The price started a downside correction from $27.03 and traded below the $26.00 level. There was a break below the $25.50 support level. The price even spiked below the $24.00 level and traded as low as $22.92.

However, the price remained well supported and it recovered above $23.50. LINK price is now trading nicely above the $24.00 level and the 100 simple moving average (4-hours). It already tested the 50% Fib retracement level of the recent decline from the $27.03 high to $22.92 low.

Source: LINKUSD on TradingView.com

There is also a key bullish trend line forming with support near $23.85 on the 4-hours chart of the LINK/USD pair. On the upside, the price is facing resistance near the $25.00 level.

The next major resistance is near the $25.50 level. It is close to the 61.8% Fib retracement level of the recent decline from the $27.03 high to $22.92 low. A clear break above $25.50 may possibly start a fresh increase towards the $27.00 and $28.00 levels.

More Losses?

If chainlink’s price fails to climb above the $25.00 level, there could be a fresh decline. An initial support on the downside is near the $24.00 level and the trend line.

A break below the trend line support might push the price further lower towards $23.00. Any more losses could lead the price towards the $22.00 level.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is gaining 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 – $24.00, $23.85 and $22.00.

Major Resistance Levels – $25.00, $25.50 and $27.00.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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