Chainlink token price started a downside correction from the high of $ 27.03 against the US Dollar.
The price is bidding well above the $ 24.00 level and the 100 simple moving average.
There is a key bullish trend line formed with support near $ 23.85 on the 4-hour chart of the LINK / USD pair.
The price is showing positive signs and a new increase may begin towards the $ 27.00 level.
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 climbed 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 climbed below the $ 24.00 level and dropped to $ 22.92.
However, the price remained well supported and climbed above $ 23.50. LINK price is currently trading nicely above the $ 24.00 level and the 100 simple moving average (4-hour).
There is also a key bullish trend line formed with support near $ 23.85 on the 4-hour chart of the LINK / USD pair. On the upside, the price faces resistance near the $ 25.00 level.
The next major resistance is near the $ 25.50 level.
If the chainlink’s price does not rise above the $ 25.00 level, there could be a new decline. The first downside support is near the $ 24.00 level and the trend line.
A break below the trendline support could push the price further down towards $ 23.00. Further losses could push the price towards the $ 22.00 level.
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 50 level.
Major Support Levels – $ 24.00, $ 23.85 and $ 22.00.
Major Resistance Levels – $ 25.00, $ 25.50 and $ 27.00.