Chainlink (LINK) is trading nicely above the $14.00 support zone against the US Dollar. It seems like the bulls are setting up for another rally if the price clears the $16.00 resistance.
- Chainlink token price is trading above the main $14.00 support zone against the US dollar.
- The bulls are facing a major resistance near the $16.00 level and 100 simple moving average (4-hours).
- There is a crucial contracting triangle forming with resistance near $16.00 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The pair is likely to start a fresh rally once it clears the $16.00 resistance zone.
Chainlink (LINK) Holding Uptrend Support
After a major downside correction, chainlink (LINK) found support above the $12.50 level against the US Dollar. LINK formed a decent support base above the $14.00 level and started consolidating losses in a broad range below the 100 simple moving average (4-hours).
The recent low was near $13.39 before the price started moving higher. It surpassed the $14.50 and $14.80 resistance levels. There was also a break above the 50% Fib retracement level of the downward move from the $16.38 high to $13.39 low.LINK price above $15.00. Source:
More importantly, there is a crucial contracting triangle forming with resistance near $16.00 on the 4-hours chart of the LINK/USD pair. A successful break above the 100 SMA and the trend line at $16.00 could open the doors for a fresh rally.