Chainlink (LINK) traded to a new yearly high near $27.00 before correcting lower, similar to bitcoin and Ethereum. The price is now holding a major support at $24.00 and the 100 SMA (H4).
- Chainlink token price started a downside correction from the $27.03 high against the US dollar.
- The price is well bid above the $24.00 level and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $23.85 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The price is showing positive signs and it could start a fresh increase towards the $27.00 level.
Chainlink (LINK) Remains Well Supported
After a close above $25.00, chainlink (LINK) extended its upward move against the US Dollar, similar to bitcoin and Ethereum. There was a clear break above the $26.50 level and the price traded to a new high at $27.03.
The price started a downside correction from $27.03 and traded below the $26.00 level. There was a break below the $25.50 support level. The price even spiked below the $24.00 level and traded as low as $22.92.Source:There is also a key bullish trend line forming with support near $23.85 on the 4-hours chart of the LINK/USD pair. On the upside, the price is facing resistance near the $25.00 level.