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24/05/24
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Technical Outlook on the Performance of Chainlink (LINK)
The bulls have been able to sustain LINK/USD within a positive area above $15 over the previous few days. They pushed LINK past $16.5 and $17, leading to levels as high as $17.45 prior to the bears initiating a new move to the downside.
There was a fall to levels beneath $16.5, followed by a visit to $15.35. LINK was pulled to levels as low as $15.34 prior to the recent attempt by the bulls to push it back to the upside. LINK was pushed past $16.5, followed by a spike past the 50% Fibonacci correction level of the fall from $17.45 swing high to $15.34 low.
A look at its 1-hour chart shows that it broke past a major declining trend line with a barrier level close to $16.5. Further, a look at its 4-hour chart shows that its current performance is at levels above $16.5, as well as above the 100 SMA.
The next barrier level is close to $16.9 or the 76.4% Fibonacci correction level of the fall from $17.45 swing high to $15.34 low. The immediate key barrier level is close to the $17.5 area. If LINK breaks clearly past $17.5, the bulls may be able to initiate a steady upside move towards $18.2. The immediate key barrier level is close to $18.8 and a move above it may prompt a visit to $20.
On the other hand, the failure of the bulls to push LINK clearly past the barrier level at $17.5 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $16.65.
The immediate key support level is close to $16.2 and a move beneath may bring about a visit to $15.5. If there are any additional losses, the bears may be able to pave the way for a move toward $15 over the coming few sessions.
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