LINK Seems Ready For Another Increase Over $15: Analysis

LINK seems ready for another increase over the $15 region as the coin remained stable above $11.50 support and started a new increase following bitcoin’s movement. The price is now trading above $13.50 and It will rise above $15.00 soon so let’s read more in our chainlink coin news today.

Chainlink’s token price regained traction and climbed above the $13.00 region against the US dollar. The price traded above $13.50 and settled above the 100 simple moving average with a key bullish trend line forming at the support near the $13.50 on the 4-hour charts of the pair. LINK/USD could continue higher above $14.50 and $15.00 in the near-term. Over the past week, there was a sharp correction to the downside in BTC, ETH, and XRP but LINK was caught up in it as well. LINK dropped from above $15.50 and declined below the $13.50 support.

There was a break below the $12.40 support as well and the 100 simple moving average. The bulls were able to protect the $11.50 support zone and a new low formed close to the $11.29 level with the price increasing above $12.00. LINK broke the $13.00 resistance and the 100 simple moving average by surpassing the 50% fib retracement level from the downside correction at the $16.43 high to $11.29 low.  LINK seems ready for more upsides as the price is trading above the $13.85 resistance with a key bullish trend line forming with support at $13.50 on the 4-hour charts. Looking at the upsides, the bulls will face hurdles near the 414.50 level and the 61.8% fib retracement on the downside correction. A clear break above $14.50 will open the doors for even more gains above $15.00.

The first major support for the asset is forming near the $13.50 level and the trend line as well. If there are a downside break and a close below the $13.50 support zone, there’s a risk of a bearish movement to the $13.00 support zone. The 4-hour MACD for the pair is in the bullish zone while the 4-hour RSI is well above the 50 levels. The major support levels include $13.65 and $13.50 with the major resistance levels including $14.50 and $15.00. As reported a day ago, The price surmounted a few key resistance levels that slowed the increase in the past and it is now only a step away from setting a fresh all-time high. The cryptocurrency is facing an intense resistance in the lower $16,000 region as each attempt to break above the zone resulted in a massive inflow of selling pressure.