Decentralized oracle network Chainlink (LINK) has seen its price surge over 110% since August 2023, when it was selected as altFINS’ research Coin Pick. Now, as LINK approaches the key psychological resistance level of $17 once again, traders are closely watching to see if the uptrend can continue.
Chainlink remains in a clear uptrend across short-, medium- and long-term timeframes. After getting rejected at $17 in mid-November, LINK pulled back but held crucial support around $14.50 – the previous resistance zone. This allowed the uptrend to remain intact.
Now, as LINK once again nears $17, traders are looking for a decisive break above this level to signal that buyers have absorbed the selling pressure and supply from sellers. If LINK can break out above $17, it could target the next resistance zone around $20.
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Looking at key momentum indicators, the outlook remains bullish to support further upside. The MACD line stands firmly above the signal line, pointing to positive momentum. Additionally, the RSI reads above 55, indicating no overbought conditions just yet.
If $17 proves to be resistance once again in the near-term, the nearest strong support zone sits around $14.50 where LINK found buying interest earlier this month. Below that, additional support sits around $11.80.
On the upside, a break above $17 could open the doors for a continued move higher towards $20.
With Chainlink maintaining its strong uptrend and bullish momentum intact, traders are closely eyeing a break above the $17 level. A decisive move above this resistance would reinforce the bull trend and set sights on a test of $20. One to watch heading into next week.
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