THELOGICALINDIAN - Chainlink LINK is trading accurately aloft the 1400 abutment area adjoin the US Dollar It seems like the beasts are ambience up for addition assemblage if the amount clears the 1600 resistance
Chainlink (LINK) Holding Uptrend Support
After a aloft downside correction, chainlink (LINK) begin abutment aloft the $12.50 akin adjoin the US Dollar. LINK formed a appropriate abutment abject aloft the $14.00 akin and started accumulation losses in a ample ambit beneath the 100 simple affective boilerplate (4-hours).
The contempo low was abreast $13.39 afore the amount started affective higher. It surpassed the $14.50 and $14.80 attrition levels. There was additionally a breach aloft the 50% Fib retracement akin of the bottomward move from the $16.38 aerial to $13.39 low.
LINK is currently adverse a able attrition abreast the $15.65 akin and the 100 simple affective boilerplate (4-hours). The 76.4% Fib retracement akin of the bottomward move from the $16.38 aerial to $13.39 low is additionally acting as a resistance.
More importantly, there is a acute application triangle basic with attrition abreast $16.00 on the 4-hours blueprint of the LINK/USD pair. A acknowledged breach aloft the 100 SMA and the trend band at $16.00 could accessible the doors for a fresh rally.
The abutting key attrition is abreast the $16.95 level, aloft which chainlink (LINK) ability acceleration steadily appear the $17.50 and $18.00 levels in the abreast term.
Dips Likely to be Limited
On the downside, chainlink’s amount is acceptable to acquisition able bids abreast the triangle abutment and $14.00. The abutting above abutment is abreast the $13.00 level.
A downside breach beneath the $13.00 abutment akin could advance the amount appear the breakdown abutment at $12.00. Any added losses may conceivably advance the amount appear the $10.00 handle.
Technical Indicators
4-hours MACD – The MACD for LINK/USD is boring accepting clip in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is now affective accurately aloft the 50 level.
Major Support Levels – $14.00, $13.00 and $12.00.
Major Resistance Levels – $15.65, $16.00 and $16.95.
