Chainlink (LINK) has been displaying bullish momentum, with its price surpassing the $16.50 mark. If it manages to clear the resistance zone at $17.50, the price could continue to surge upwards.
Over the past few days, Chainlink has maintained a positive zone above $15.00, performing similarly to Bitcoin and Ethereum. It experienced an upturn, reaching levels above $16.50 and $17.00. The price peaked at $17.45 before undergoing a minor correction.
Following the correction, the price briefly dipped below $16.50, reaching as low as $15.34. However, it has since made a recovery, surpassing the $16.50 level once again. Additionally, it exceeded the 50% Fibonacci retracement level of the downward movement from the $17.45 high to the $15.34 low.
Moreover, a key bearish trend line near $16.50 was broken, indicating further positive momentum for Chainlink. It is currently trading above $16.50 and the 100 simple moving average on a 4-hour chart.
The immediate resistance lies near $16.90, which represents the 76.4% Fibonacci retracement level. If the price breaks above this level, it could see a steady rise towards the $18.20 mark. Subsequently, the next major resistance is anticipated at the $18.80 level, potentially leading to a test of $20.00.
However, if the price fails to surpass the $17.50 resistance zone, it may experience a new decline. Initially, support can be found near the $16.65 level, followed by a more substantial support level near $16.20. Further losses could push the price towards the $15.50 level. If the bearish momentum continues, Chainlink may drop to the $15.00 level in the near future.
In terms of technical indicators, the hourly MACD for LINK/USD is gaining momentum in the bullish zone. Additionally, the hourly RSI (Relative Strength Index) has risen above the 50 level.
Key support levels for Chainlink are $16.65 and $16.20, while major resistance levels are located at $17.00 and $17.50.