Chainlink token price is gaining momentum and it broke the $16.500 resistance against the US dollar.
The market cap jumped sharply and LINK moved to the 5th spot to overtake bitcoin cash.
There was a break above a key bearish trend line with resistance near $13.300 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
The pair might correct a few points, but dips are likely to find buyers near $16.000 and $15.800.
The upward move was strong as the price broke the $16.000 resistance and settled well above the 100 simple moving average (4-hours). During the rise, there was a break above a key bearish trend line with resistance near $13.300 on the 4-hours chart of the LINK/USD pair.
market cap of LINK overtook bitcoin cash and it moved to the 5th spot. A new all-time high is formed near $16.933 and the price is currently consolidating gains.
The first major support is likely forming near the $15.80 level. It is close to the 23.6% Fib retracement level of the recent surge from the $12.192 swing low to $16.933 high.
The main support is now near the $14.500 level (the recent breakout zone). It coincides with the 50% Fib retracement level of the recent surge from the $12.192 swing low to $16.933 high.
On the upside, the $17.000 level is a short-term resistance zone. If there are more upsides, there is an open space and the price might even test the $20.000 level in the coming sessions.
below the $14.500 could only start a major downward move. The next key support is near the $12.20 level.
Technical Indicators
4-hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently well in the overbought zone.
Major Support Levels – $16.200, $15.800 and $14.500.
Major Resistance Levels – $17.000, $18.500 and $20.000