LINK’s 25% Surge Could Be Facing Strong Resistance At $16

LINK’s 25% surge could be facing strong resistance at the $16 price point despite breaking many hurdles near the $14.00 level, similarly to Ethereum and bitcoin. The price is now approaching a strong resistance level at $16 so let’s find out more in today’s Chainlink news.

Chainlink’s token price gained bullish momentum above the $14.00 price point against the US dollar and the price is now trading above the $15 level with the 100 simple moving average. There was also a break above the major bearish trend line with the resistance at $12.30 on the 4-hours chart of the pair. This pair could also test the $16 level where the bears are likely to take a stronger stand.

Over the past few sessions, there was a strong increase in all Bitcoin Cash, Ethereum, Bitcoin, and Chainlink. Its price formed a strong support base above the $11.00 price point and the $12.00 to start the current increase. There was a clear break above the major bearish trend line with the resistance of $12.30 on the 4-hour charts of the pair as it broke the $13.50 resistance to moving into a positive zone. There was also a break above the 76.4% fib retracement level from the decline at the $15.56 swing high to the $8.81 swing low.

The pair is gaining momentum above the $14.00  level and the 100 simple moving average but it is also trading above the $14.56 swing high with the next major resistance on the upside nearing the $16.00 level. It represents a huge barrier and it is also close to the 1.236 fib extension level of the key decline from the $14.56 swing high to the $8.71 swing low. more gains could lead the price to the $16.50  levels as LINK’s 25% surge is facing a strong resistance near these levels. If there’s a bearish reaction, Chainlink’s price will likely find the buyers near the $15.00 level with the first major support on the downside nearing the $14.50 zone. More losses could lead the price to the $14.00 support zone where the bulls will most likely take a strong stand.

The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI for the pair is well above the 50 level. Major support levels include $15, $14.50, and $14.00 while the major resistance levels include $15.80, $16.00 and $17.20.