After retesting the $12.00 support zone, Chainlink’s LINK price is now looking to recover and move above the $13.50 and $15.00 resistance levels. However, the price is currently showing bearish signs below the $15.00 resistance against the US dollar. It is trading below the $14.20 level and the 100 simple moving average (4 hours). Additionally, there is a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair sourced from Kraken.
In the past few days, Chainlink saw a significant decline from above the $18.00 level. The LINK price dropped below the $15.00 pivot level, entering a short-term bearish zone similar to Bitcoin and Ethereum. After testing the $12.00 support zone, the price formed a low at $11.92 and is now trying to initiate a recovery wave. With a move above the $12.50 level and a jump above the 23.6% Fib retracement level, LINK is still struggling to break the $14.20 resistance level and the 100 simple moving average (4 hours).
The immediate resistance for Chainlink’s price is near the $13.50 level, with a key bearish trend line forming at this level on the 4-hour chart against the USD pair. Should the price break above $13.50, a significant increase towards the $15.00 zone could be expected, followed by a potential move toward the $16.00 level. The next major resistance levels are near $18.00 and $20.00 respectively. However, failure to climb above the $13.50 resistance level could lead to a fresh decline. Initial support on the downside is near the $12.80 level, followed by the major support at $12.00. Further losses could push LINK towards the $10.80 and $10.00 levels in the near term.
As per the technical indicators, the 4-hour MACD for LINK/USD is gaining momentum in the bearish zone, indicating a potential downward trend. The 4-hour RSI for LINK/USD is now below the 50 level, suggesting a bearish sentiment in the market. The major support levels for Chainlink’s price are at $12.80 and $12.00, whereas the major resistance levels are at $13.50 and $14.00.
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