2020-8-13 08:28 |
Chainlink (LINK) rallied over 30% and it traded close to the $17.000 level against the US Dollar. It dethroned bitcoin cash and moved to the 5th spot in terms of the market cap.
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. Chainlink (LINK) Jumps To The 5th SpotIn the last technical analysis, we discussed chances of a surge above $15.000 in chainlink (LINK) against the US Dollar. LINK did gain momentum above the $15.000 and surged over 30% in the past three sessions.
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.
More importantly, the 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.
LINK price above $16.500. Source: TradingView.comAn initial support on the downside is near the $16.200 level. 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.
Dips SupportedIn the short-term, there could be a minor downside correction in LINK price towards the $16.200 support. If there are more losses, the $15.800 support is likely to act as a strong buy zone.
A downside break 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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