{"id":5178,"date":"2020-10-23T12:48:31","date_gmt":"2020-10-23T12:48:31","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=447501"},"modified":"2020-10-23T12:48:31","modified_gmt":"2020-10-23T12:48:31","slug":"charted-chainlink-link-starts-fresh-rally-indicators-suggest-a-run-to-14","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/charted-chainlink-link-starts-fresh-rally-indicators-suggest-a-run-to-14\/","title":{"rendered":"Charted: Chainlink (LINK) Starts Fresh Rally, Indicators Suggest A Run To $14"},"content":{"rendered":"<p><em>Chainlink (LINK) started a strong rally after a major correction towards the $9.80 level. The price is up over 20% and it is likely to continue higher above the $12.50 resistance.<\/em><\/p>\n<ul>\n<li>Chainlink token price is surging and it recently broke the $12.00 resistance against the US dollar.<\/li>\n<li>The price is still trading well above $11.80 and the 100 simple moving average (4-hours).<\/li>\n<li>There was a break above a crucial declining channel with resistance near $11.00 on the 4-hours chart of the LINK\/USD pair (data source from Kraken).<\/li>\n<li>The pair is consolidating gains, but it is likely to continue higher above the $12.50 resistance level.<\/li>\n<\/ul>\n<h2>Chainlink (LINK) Price Turns Green<\/h2>\n<p>After a major downside correction (<a href=\"https:\/\/www.newsbtc.com\/analysis\/link\/chainlink-link-rejected-11\/\" target=\"_blank\" rel=\"noopener noreferrer\">as discussed in the previous analysis<\/a>), chainlink (LINK) found support near the $9.80 level. A low was formed near $9.79 before the price started a strong upward move.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-pullback-could-be-attractive\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin<\/a> and <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-bulls-aim-big-420\/\" target=\"_blank\" rel=\"noopener noreferrer\">ether<\/a> gained traction in the past few sessions, resulting in a strong rally in altcoins such as litecoin, ripple, LINK, and bitcoin cash. LINK gained over 20% and it broke many hurdles near $10.00 and $11.00.<\/p>\n<p>The recent increase was initiated after there was a break above a crucial declining channel with resistance near $11.00 on the 4-hours chart of the LINK\/USD pair. The pair broke the main $11.50 resistance and settled above the 100 simple moving average (4-hours).<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-447504\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5.png\" alt=\"Chainlink (LINK)\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/10\/Chainlink-LINK-5-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\"\/><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/LINKUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">LINKUSD on TradingView.com<\/a><\/pre>\n<p>It surged above the $12.00 resistance and traded to a new monthly high near the $12.46 level. The price is currently correcting lower and trading below $12.20. There was a test of the 23.6% Fib retracement level of the recent rally from the $9.79 low to $12.46 high.<\/p>\n<p>The next major support is near the $11.85 and $11.65 levels, below which the bears might aim a test of the 50% Fib retracement level of the recent rally from the $9.79 low to $12.46 high.<\/p>\n<p>On the upside, an initial resistance is near the $12.20 level. The first major hurdle is near the $12.50 level, above which the price could rally towards the $13.20 level.<\/p>\n<h2>Downside Correction?<\/h2>\n<p>If chainlink&rsquo;s price starts a downside correction below the $11.80 support, there are chances of an extended decline in the coming sessions.<\/p>\n<p>The next major support is near the $11.20 level, below which the bears are likely to aim a test of the 100 simple moving average (4-hours) at $10.60 in the coming days.<\/p>\n<p>Technical Indicators<\/p>\n<p>4-hours MACD &ndash; The MACD for LINK\/USD is now gaining pace in the bullish zone.<\/p>\n<p>4-hours RSI (Relative Strength Index) &ndash; The RSI for LINK\/USD is now well above the 65 level.<\/p>\n<p>Major Support Levels &ndash; $11.80, $11.65 and $11.20.<\/p>\n<p>Major Resistance Levels &ndash; $12.20, $12.50 and $13.20.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink (LINK) started a strong rally after a major correction towards the $9.80 level. The price is up over 20% and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5179,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[317,210,211,212],"class_list":["post-5178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-link","tag-linkbtc","tag-linkusd","tag-linkusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5178"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5178"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5178\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5179"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}