LINK Got Steady Above $24 And Could Rally To $27 Soon

LINK got steady above the $24 price level and there are strong chances to visit the $27 level before correcting again. The price is holding major support of $24 and the 100 SMA as we are reading more in today’s Chainlink news.

Chainlink’s token price started a downside correction from the $27.03 high against the US dollar with the price being well bid above the $24.00 level and the 100 simple moving average. There’s a key bullish trend line forming with support at $23.85 on the 4-hour chart of the pair that could endorse the positive signs and start a fresh increase to the $27.00 level. After a close above $25.00, Chainlink extended its upward move similar to BTC and ETH with a clear break above the $26.50 level and the price trading to a new high of $27.03.

The price started a downside correction from the $27.03 level and traded below the $26.00 level with a break below the $25.50 support. The price spiked below the said level and traded to a low of $22.92. The price remained well supported and then recovered above $23.50 with LINK’s price trading above the $24.00 level and the 100 simple moving average. It then tested the 50% fib retracement level from the decline at $27.03 high to $22.92 low.

There’s also a key bullish trend line forming with the support near $23.85 on the 4-hour charts of the pair. on the upside, the price is bouncing into resistance near the $25.00 level. The next major resistance is close to the $25.50 level and it is close to the 61.8% fib retracement level from the decline at $27.03 high to $22.92 low. Breaking above it could start a fresh increase to the $27.00 and the $28.00  level.

If Chainlink’s price fails to climb above the $25.00 level, there could be another decline with the initial support set at $24.00. Breaking below the trend line could push the price lower to $23.00 and more losses could lead the price to the $22.00 level but LINK got steady above the $24 level so we could even see a new price increase. The 4-hour MACD for the pair is gaining momentum in the bullish zone with the 4-hour RSI closing to the 50 level.

As recently reported, Chainlink continued the strong rally and set a new all-time high of $25.50, and surpassed LTC in terms of total market cap to become the seventh biggest project listed on CoinMarketCap. Aave’s price broke to a new all-time high of $229 and the total value locked was $3.44 billion.