LINK Price Pumps 40% In Three Days, Why Bulls Are Not Done Yet
October 23 2023 - 1:08AM
NEWSBTC
Chainlink’s LINK price is up over 40% and trading above $10. The
bulls seem to be in control and might aim a rally toward the $12
resistance. Chainlink price is gaining pace above the $10.00
resistance against the US dollar. The price is trading above the
$10.00 level and the 100-day simple moving average. There is a key
bullish trend line forming with support near $8.60 on the daily
chart of the LINK/USD pair (data source from Kraken). The price
could continue to move up toward the $11.25 and $12.00 resistance
levels. Chainlink Price Starts Fresh Rally In the past few days,
LINK price started a strong rally against the US Dollar. The price
formed a base above the $7.00 level before the bulls stepped in.
There was a major pump above the $7.50 and $8.00 resistance levels.
In the last three days, the price gained over 40% and cleared many
hurdles near $9.00. The recent pump in Bitcoin also helped LINK
surpass the $10.00 resistance. A new multi-week high is formed near
$10.99. The price is now consolidating gains well above the 23.6%
Fib retracement level of the upward move from the $7.11 swing low
to the $10.99 high. LINK is now trading above the $10.00 level and
the 100 simple moving average (4 hours). There is also a key
bullish trend line forming with support near $8.60 on the daily
chart of the LINK/USD pair. The trend line is near the 61.8% Fib
retracement level of the upward move from the $7.11 swing low to
the $10.99 high. Source: LINKUSD on TradingView.com If there is a
fresh increase, the price might face resistance near $11.20. The
first major resistance is near the $12.00 zone. A clear break above
$12.00 may possibly start a steady increase toward the $12.20 and
$12.50 levels. The next major resistance is near the $13.20 level,
above which the price could test $15.00. Are Dips Limited in LINK?
If Chainlink fails to climb above the $11.20 resistance level,
there could be a downside correction. Initial support on the
downside is near the $10.00 level. The next major support is near
$9.00, below which the price might test the trend line support at
$8.60. Any more losses could lead LINK toward the $8.00 level in
the near term. 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 now above the
50 level. Major Support Levels – $10.00 and $9.00. Major Resistance
Levels – $11.20 and $12.00.
ChainLink Token (COIN:LINKUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
ChainLink Token (COIN:LINKUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024