Fresh Chainlink Rally Indicates A Run Towards $14: Analysis

A fresh Chainlink rally indicates a strong price rally after a major correction towards the $14 level as the price increased 20% and will continue higher above the $12.50 resistance as we are reading more in our Chainlink coin news today.

The chainlink token price is surging and it recently broke the $12.00 resistance against the US dollar. The price is trading above $11.80 and the 100 simple moving average. There was also a break above the crucial declining channel with a resistance of $11 on the 4-hour charts of the pair as it can consolidate the gains but will likely shoot higher above the $12.50 resistance level. After the major downside correction, Chainlink found support near the $9.80 rally, and a new low was formed near the $9.79 before the price started a strong upward movement. The fresh Chainlink rally could now lead the price to $14 as both BTC and ETH gained traction over the past few sessions which were a piece of the rally puzzle. LINK gained over 20% and broke key hurdle levels at $10 and $11.

The recent price increase was initiated after the strong break above the crucial declining channel at $11 on the 4-hour charts of the pair. The pair managed to break the main $11.50 resistance and settled above the 100 simple moving average. It surged above the $12.00 resistance and hit a new monthly high of the $12.46 level. the price is correcting lower and trading below the $12.20 with a test of the 23.6% fib retracement level from the rally of $9.79 low to the $12.46 high. The next major support is near the $11.65 levels below which the bears could aim for the 50% fib retracement level of the real from $9.79 low to $12.46 high.

On the upside, there is initial resistance near the $12.20 level with the first major hurdle being near the $12.50 level above which the price could rally at the $13.20 level. if chainlink’s price starts a downturn, the next major support could be near the $11.20 level below which the bears are likely to aim and test the 100 simple moving average in the upcoming days. the 4-hour MACD for the pair is gaining pace in the bullish zone while the 4-hour RSI is well above the 65 levels.