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25/06/24
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Technical Outlook on the Performance of Chainlink (LINK)
The chart of LINK/USD shows that the bulls initiated a modest upside move from the $12.16 area over the previous few sessions. They pushed LINK past two barrier levels, including $13 and $13.2. There is a current attempt to sustain LINK’s upswing for a steady move higher.
LINK rose clearly past the 50% Fibonacci correction level of the fall from $14.82 swing high to $12.66 low. A look at its 1-hour chart shows that it broke past a key declining trend line with a barrier level close to $13.60.
The same chart shows that its current performance is at levels above $13.5, as well as above the 100 SMA. The next barrier level is close to $14.05 or the 61.8% Fibonacci correction level of the fall from $14.82 swing high to $12.66 low.
The immediate key barrier level is close to the $14.2 area. The ability of the bulls to push LINK clearly past $14.2 may initiate a steady upside move towards $14.5. The immediate key barrier level is close to $14.8 and a move above it may bring about a visit to $15.
If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $15.5 over the coming several sessions.
On the other hand, the failure of the bulls to push LINK clearly past the barrier level at $14.2 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $13.8.
The immediate key support level exists close to $13.65 or the 100 hourly SMA and a move beneath it may bring about a visit to $13.5. If there are any additional losses, the bears may be able to pave the way for a move toward $12.9 over the coming few sessions.
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