The price is correcting lower than $ 23.76 and is trading well above the 100 simple moving average.
There is a key bullish trend line formed with support near $ 21.55 on the 4-hour chart of the LINK / USD pair.
The price is likely to continue its rise above the $ 22.50 and $ 23.00 levels.
Over the past few days, Chainlink (LINK) has seen a strong increase. LINK outperformed Bitcoin and Ethereum. The price crossed several key hurdles around $ 18.00 and $ 20.00 to kick off the latest increase.
The upward move moved above $ 20.00 and there was also a close above the 100 simple moving average (4 hours). The price surged above $ 22.00 and reached almost the highest level of the year at $ 23.76. Recently, the price started a downside correction below $ 23.00.
If the price of the Chainlink stays above the $ 21.50 zone and the trendline area, a new increase could begin. An initial resistance on the upside is near the $ 23.00 level.
A clear break above the $ 23.00 level could open the doors for more bullish above the $ 23.50 zone. In the stated situation, the price may rise above the $ 25.00 level.
4-hour MACD – The MACD for LINK / USD is losing momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for LINK / USD is currently well above the 60 level.
Support Levels – $ 21.50, $ 21.20 and $ 20.00.
Resistance Levels – $ 23.00, $ 23.50 and $ 25.00.