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20/06/24
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Technical Outlook on the Performance of Chainlink (LINK)
The chart of LINK/USD shows that the bulls successfully initiated a modest upside move from the $13 area over the past few sessions. LINK was pushed past two barrier levels, including $13.5 and $14, as the bulls remained active.
However, there are several barrier levels close to $14.5 and $14.65. LINK was able to reach levels as high as $14.63 prior to initiating the current consolidation of gains. Likewise, its performance is at levels above the 23.6% Fibonacci correction level of the upswing from $13.16 swing low to $14.46 high.
A look at its 1-hour chart shows that its current performance is at levels above $15, as well as above the 100 SMA. The same chart shows the formation of a major contracting triangle with a barrier level close to $14.4.
The next barrier level is close to $14.4 or near the triangle area, while the immediate key barrier level is close to the $14.65 area. The ability of the bulls to push LINK clearly past $14.65 may initiate a steady upside move towards $15. The immediate key barrier level is close to $15.2 and a move above it may prompt a visit to $15.85.
On the other hand, the failure of the bulls to push LINK clearly past the barrier level at $14.4 may empower the bears to initiate a new move to the downside. The first support level on the way downward is close to $14 or near the triangle trend line.
The immediate key support level is close to $13.8 or the 50% Fibonacci correction level of the upside move from $13.16 swing low to $14.46 high. A move beneath the support level 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 $13.15 over the coming few sessions.
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