Chainlink (LINK): Evaluating Whether the Latest Price Action Would Last

Chainlink price embarked on upward actions after the latest plummet had the token exploring monthly lows. That gains emerged after LINK rebounded from a trend-line and horizontal support floor at $13.5. A close beneath the 23.6% FIB resistance might see the crypto retesting the $14.18 level before triggering a possible breakout. Chainlink traded at $14.49 at this publication, surging 2.67% over the previous 24 hours.

Chainlink 4hr Chart

As the support barrier at $11.7 served as a massive buying level for more than one year, LINK rebounded from February lows to form bullish trend-line support. However, the recovery was short-lived as the resistance at $18 shunned upward movements. That welcomed a downtrend regime, and bulls finally defended the $13 mark.

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For now, Chainlink needs a decisive break past $14 plus massive volumes for a continued uptrend to retest the 200 Exponential Moving Average.

Buyers maintaining their determination, LINK’s rally may secure a lucrative close beyond the 23.6% level. Besides the climbing wedge breakout threat, such a move would see the range at $14 – $15 a barrier for the token. However, failing to flip the 23.6% hurdle can mean an immediate 414.1 retest before bulls re-try to overcome the 50 Exponential Moving Average.


The Relative Strength index witnessed swift recoveries over the past five days. As the indicator secured ground beyond equilibrium, buyers ensured a superior edge. Meanwhile, the support range at 55 – 57 remains critical for the buyer to defend to avoid midline retest.

The Chaikin Money Flow appeared with feeble readings on the 4hr timeframe. The oscillator struggled to overcome the zero-line while marking a bearish divergence as the price surged over the past two days.

Final Thought

The price level at $14.5 remained crucial in gauging the immediate growth forecast for LINK. A close beneath this zone may meet support at the $41.4 barrier. Meanwhile, a closing past the 23.6% zone may translate to delayed reversals on the charts.

However, global market sentiments are vital for Chainlink’s directional bias. That is essential to ascertain profitable moves and complement technical factors.

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