Chainlink token price shows many positive signs above the $ 16.20 level against the US Dollar.
The price is currently testing the $ 18.00 resistance and is well above the 100 simple moving average.
There was a break above a key bearish trend line with resistance at $ 16.20 on the 4-hour chart of the LINK / USD pair.
If there is a clear break above the $ 18.00 level, the price is likely to accelerate higher.
Over the past few sessions, there has been a steady increase in Bitcoin, Ethereum, Bitcoin Cash, Chainlink (LINK) and other major altcoins. LINK price crossed a major hurdle around $ 16.20 to start the current upward movement.
There was a break above a key bearish trend line with resistance at $ 16.20 on the 4-hours chart of the LINK / USD pair. The pair climbed above $ 17.00 and even climbed above the $ 18.00 resistance level.
It looks like the price is struggling to move above the $ 18.00 level again. A high was formed around $ 18.75 and the price is currently correcting lower. The price is trading below $ 18.00. Initial support on the downside is near the $ 17.25 level.
On the upside, the $ 18.00 zone is an important breakout area. The next major resistance for LINK is near the $ 18.50 level. A close above the $ 18.00 and $ 18.50 levels could open the doors for a bigger increase in the near term. The next stop could be $ 20.00 followed by $ 20.40.
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 near the 70 level.
Support Levels – $ 17.25, $ 16.20 and $ 15.60.
Resistance Levels – $ 18.00, $ 18.50 and $ 20.00.