Chainlink price started a downside correction from the $ 25.89 high against the US Dollar.
The price is bidding well above the $ 20.00 level and the 100 simple moving average (4 hours).
A crucial bullish channel is forming with support around $ 20.50 on the 4-hour chart of the LINK / USD pair.
The price is rising and it looks like it could revisit the $ 24.00 and $ 25.00 resistance levels soon.
Recently, chainlink (LINK) started a downside correction at $ 25.89 against the US Dollar, similar to Bitcoin and Ethereum. There was a negative break below the $ 22.50 and $ 22.00 support levels.
LINK is currently rising from channel support and is trading above $ 22.00. It even surpassed the $ 23.00 level and it seems the bulls are aiming for a new test of the $ 25.00 level. Further gains could open the doors for a move towards the $ 26.50 level.
If the chainlink’s price does not rise above the $ 24.00 level, there could be a new decline. The first downside support is near the $ 22.50 level.
More losses below the $ 22.50 level could likely lead price towards channel support. A break below the channel support could put the $ 20.00 support at risk in the near term.
4-hour MACD – The MACD for LINK / USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LINK / USD is currently just above the 50 level.
Support Levels – $ 22.50, $ 21.20 and $ 20.60.
Resistance Levels – $ 24.00, $ 25.00 and $ 26.50.