Chainlink’s LINK price retested the $12.00 support zone. The price is now eyeing a recovery wave above the $13.50 and $15.00 resistance levels.
Chainlink price is showing bearish signs below the $15.00 resistance against the US dollar.
The price is trading below the $14.20 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
The price could start a decent increase if it clears the $15.00 resistance zone.
Chainlink (LINK) Price Eyes Steady Increase
In the past few days, Chainlink saw a major decline from well above the $18.00 level. LINK price declined below the $15.00 pivot level to enter a short-term bearish zone, like Bitcoin and Ethereum.
The price tested the $12.00 support zone. A low was formed at $11.92 and the price is now attempting a recovery wave. There was a move above the $12.50 level. It even jumped above the 23.6% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low.
LINK price is still trading below the $14.20 level and the 100 simple moving average (4 hours). Immediate resistance is near the $13.50 level. There is also a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair.
Source: LINKUSD on TradingView.com
The next major resistance is near the $15.00 zone. A clear break above $15.00 may possibly start a steady increase toward the $16.00 level or the 61.8% Fib retracement level of the downward move from the $18.66 swing high to the $11.92 low. The next major resistance is near the $18.00 level, above which the price could test $20.00.
More Losses?
If Chainlink’s price fails to climb above the $13.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $12.80 level.
The next major support is near the $12.00 level, below which the price might test the $10.80 level. Any more losses could lead LINK toward the $10.00 level in the near term.
Technical Indicators
4 hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level.
Major Support Levels – $12.80 and $12.00.
Major Resistance Levels – $13.50 and $14.00.
