LINK Revisited $18 And Could Soon Break Above $20: Analysis

LINK revisited $18, increasing 15% and breaking many hurdles close to the $16.20 level similar to BTC and ETH. The price is testing a major barrier at the $18.00 above which could hit $20.00 as we can see more in today’s Chainlink news.

The LINK token price shows a lot of positive signs above the $16.20 level and against the US dollar with the price testing the $18.00 resistance and it is well above the 100 simple moving average. It managed to break above the key bearish trend line with the resistance at the $16.20 on the 4-hour charts of the pair that could shoot higher if it manages to clear the break above the $18.00 level.

Over the past few sessions, there was a steady increase in ETH, BTC, Chainlink, Bitcoin Cash, and other altcoins. LINK’s price broke a major hurdle near the $16.20 level to start the current upwards movement and there was also a break above the key bearish trend line with resistance at the $16.20 level on the 4-hour charts of the pair. LINK managed to gain pace above $17.00 and spiked above the $18.00 resistance level. It seems that the price is having a hard time struggling the pace above $18.00 level and a new high is formed near the $18,75 level with it correcting lower. The pair is trading below the $18.00 level with initial support on the downside nearing the $17.25 level.

The 23.6% fib retracement level from the recent increase at the $12.48 swing low to $18,76 high is nearing the $17.25 level so if there are more downsides, the price could continue moving lower than $16.20. On the upside, the $18.00 zone is a key breakout area with the next major resistance for LINK nearing the $18.50 level and a close above this levels could open the doors for more increase in the near-term with the next stop being $20.

If there’s a fresh decline, the LINK price will meet the buyers near the $16.20 level with the next major support on the downside near the $15.60 zone. The 50% fib retracement level from the increase at the $12.48 swing low to the $18.76 swing high is nearing the $15.60 level as well right as LINK revisited the $18 price range. The MACD for LINK/USD is gaining momentum in the bullish zone while the 4-hour RSI is close to the 70 level. The major hurdles and support levels are set at $17.25, $16.20, and $15.60.