Chainlink’s LINK token is currently consolidating above the $14.00 support level, with the potential for a bullish breakout if it surpasses the $14.65 resistance zone. Despite Bitcoin’s lackluster performance, LINK has displayed bullish signs, aiming for further gains above $15.00 against the US dollar. However, the token is currently trading below the $15.00 level and the 100-hourly simple moving average.
On the hourly chart, a significant contracting triangle is forming with resistance near $14.40, as reported by Kraken. In recent sessions, Chainlink experienced an upward movement from the $13.00 zone, surpassing the $13.50 and $14.00 levels. While facing hurdles at $14.50 and $14.65, the token consolidated its gains after reaching a high of $14.63.
Despite trading below the $15.00 level and the 100-hourly simple moving average, LINK remains above the 23.6% Fib retracement level of the upward move from the $13.16 swing low to the $14.46 high. Immediate resistance is anticipated near the $14.40 level, followed by the major resistance at $14.65. A successful breakthrough above this level could trigger a steady increase towards $15.00, with the next significant resistance seen around $15.20, potentially leading to a test of $15.85.
In the event that Chainlink fails to surpass the $14.40 resistance, a fresh decline could occur. The initial support on the downside is expected near the $14.00 level or the triangle trend line, followed by major support near $13.80 or the 50% Fib retracement level. Further losses may potentially push the LINK token toward the $13.50 level, and an extended decline could bring it closer to the $13.15 level in the near future.
The hourly MACD indicator for LINK/USD reveals a loss of momentum in the bullish zone, while the hourly RSI (Relative Strength Index) has climbed above the 50 level. Major support levels for LINK are identified at $14.00 and $13.80, with major resistance levels at $14.40 and $14.65.