LINK Close Above $13.1 Could Start Another Sharp Increase

A LINK close above the $13.1 level could initiate another sharp increase as the price seems to be following a nice uptrend above $12.00. There are high chances of more gains once the bulls manage to clear the $13.10 and the $13.50 resistances so let’s read more in today’s Chainlink coin news.

The Chainlink token price is now trading in a positive zone above the $12.00 support against the US dollar with the price facing hurdles close to the $13.10 but it is well above the 100 simple moving average. There was an increase in the contracting triangle with resistance close to $12.80 on the 4-hour charts of the pair. The pair will start another rally soon if a LINK Close above $13.10 occurs.

Chainlink gained pace above the $11.00 resistance previously to move into the positive zone as the price settled above the $12.00 resistance and the 100 simple moving averages. However, the price struggles to clear the $13.10 resistance zone so a new high was formed close to the $13.08 and the price is now correcting lower. It seems that there was a spike above yesterday’s highlighted contracting triangle with the resistance at $12.80 on the 4-hour charts of the pair.

The pair is trading near the broken triangle zone at $12.85 while still testing the 23.6% fib retracement level from the move of $12.04 swing low to $13.08 high. The first major support is close to the $12.55 level with a  close to the 50% fib retracement level from the move at $12.04 swing low to $13.08 high. The next major support is near the triangle lower trend line of $12.25 while on the upside, the price faced major hurdles close to $13.10. The clear break and close above the $13.10 level could open the doors for more gains at the $13.50 resistance level.

The next major resistance is close to $13.80 above which the price could even hit $14.00. the initial support for chainlink’s price is near the $12.55 and the $12.50 levels with the main support forming close to the $12.25 and $12.20 levels. If there’s a downside break below the $12.20 support zone, there’s a risk of a bearish move to the $11.50 support level and the 100 simple moving average. The 4-hours MACD for the pair is slowly gaining momentum in the bullish zone while the 4-hour RSI is well above the 50 levels.