Chainlink (LINK) 30% New ATH, Dethrones Bitcoin Cash Spot

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Avatar for Sandeep3
4 years ago
  • 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

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