- Chainlink price prediction highly bullish as LINK/USD holds $13 support
- LINK/USD poised to move higher as technical support bullish price targets
- Chainlink to touch $15 target when next bull run begins
Chainlink token price is all set to move higher after the recent short bull run. Currently, the price is hovering near the $13.980 level, close to the 100-hour simple moving average. The price is facing stiff resistance at the $14.37 level.
The bull run from $11.35 to $14.85 was swift and took the pair back near annual highs. The $15.00 resistance is pivotal in achieving the next higher targets. Chainlink has followed crypto giants after the recent correction in the crypto sphere. The price recovered alongside BTC and ETH to rise to the current $14.00 level, where it is stagnating before it moves higher. The zig-zag price action is helping the pair cool down overbought technical indicators on the hourly charts.
As Chainlink price prediction moves into the positive zone, the pair faces resistance at the $15 level. For the past 24 hours, the pair has closed the day above the crucial $13.00 price point. The sharp spike on the hourly charts was unable to move past the $15.00 resistance. However, bulls have not given up yet on bullish Chainlink price prediction, as can be seen from the hourly technical indicators.
The hourly high of $14.85 has been approached twice, reflecting the resolve to maintain bullish momentum. The volume data is supportive of a bullish uptrend in Chainlink price prediction. The price is all set to close above the $13.00 level, showing ample liquidity in the market. The move towards 23.6 percent Fibonacci retracement at $13.50 was surpassed with decent volume.
The swing high at $14.89 will be next to cross after the pair stabilizes above the $13.50 level. The rising price channel is forming a top on the hourly charts, culminating in the zig-zag price action. On the higher end, the price must close above the $14 resistance to stage further gains in Chainlink price prediction.
LINK/USD 4-hour chart – Technical indicators line up for a bull run
Various technical indicators have room for the next bull run after the pair finishes consolidation near the current levels. Since the pair has closed above the $13.65 level, the area around $15.55 to $13.35 has emerged as a vital support region. The lower trend line channel is rising alongside the ascending price channel.
The $13.50 support zone is fast emerging as the pivotal point in accumulation as well. Even though the pair may correct on the hourly timeframe, the long-term bullish picture is intact. The fall towards $13.00 will be handled well since $13.00 is now a central support point. If the selling action intensifies, the pair can correct towards the $11.50 level. Such a move will create a double-bottom on the hourly charts.
The Bollinger Bands are contracting and show that a bull or bear move is imminent. The RSI stands at 54 meaning there’s still a lot of room left on the upside. MACD is hovering near the middle of the chart, signifying that the pair is currently neutral.
The LINK/USD is all set to close beneath the ascending price channel’s descending trend line. Such a move can materialize into a bearish trend for the pair on the hourly chart. However, consistent price action above $13 indicates that bulls are still in the battle. The gains towards the $14.85 high from the $11.35 lows are still maintained.
The channel’s base stands at $12.40, indicating that LINK/USD has decent support at higher price levels. The Chainlink price prediction is very much in the bullish region as long as the price holds above $13.50 on a daily closing basis.
Any short-term downtrend will have to sustain the price below the $12.35 level. The 50% Fibonacci retracement at $13.00 is emerging as a massive support level. Looking ahead, if LINK surpasses the $15 level, the next resistance stands at the $15.66 level, which is the .786 Fibonacci retracement of the current uptrend. The upper end of the ascending price channel must be breached for the price to cross the $16.7 resistance.
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