Chainlink price rallied over 30% and it traded close to the $17 level against the US Dollar
Chainlink price has risen over 30% and is trading close to $ 17. Up to this point, LINK has overtaken Bitcoin Cash and moved up to 5th place in terms of market cap on CoinMarketCap.
Chainlink price surged sharply when it broke the $ 16 resistance
There was a break above the primary downtrend line with resistance near $ 13.3 on the LINK / USD 4-hour chart. The pair can correct a few points, but the drops are likely to fall to close to $ 16 and $ 15.8.
LINK has risen very sharply as the price has broken out of the $ 16 resistance and is above the 100 (4-hour) moving average. As mentioned above, during the bull run, there was a break above the primary downtrend line with resistance near $ 13.3 on the LINK / USD 4-hour chart.
More importantly, LINK’s market cap has surpassed Bitcoin Cash, and it has moved up to 5th place. New all-time highs formed near $ 16.93 and the price is currently consolidating gains.
An initial support on the downside is near $ 16.2. The first significant support is likely to form near $ 15.8 levels. It’s close to the 23.6% Fib retracement level of the recent rally from a low of $ 12.192 to a high of $ 16,933. Significant support is currently close to $ 14.5 (current breakout zone). It coincides with the 50% Fib retracement level of the recent rally from a low of $ 12.19 to a high of $ 16.93.
On the downside, $ 17 is a zone of short-term resistance. If there are more pros, there will be an open space, and the price could even test the $ 20 level in the coming sessions.
Read more:
- Bitcoin Price Getting Closer To A Key Level That Could Lead The Crypto Down To $9,000 If It Is Broken Below
- Ethereum Transaction Fees Have Continued To Surge As DeFi Has Continued Its Ascent To The Crypto Mainstream