Key Takeaways
Chainlink rallied over 20% and traded above the $17.40 resistance level.
LINK price broke a major bearish trend line at $14.00 on the daily chart.
The price could rise further and test the $22.80 resistance area in the coming days.


Chainlink Price
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New Delhi (CoinChapter.com) – Chainlink (LINK) is gradually gaining ground and surpassing the $17.40 level. The bullish forces are in control and it seems to be heading towards $20.00 and even $22.80.
Chainlink price restarts upward movement
Chainlink has seen a strong rise from the $13.00 area in the past few days. Chainlink outperformed Bitcoin and Ethereum and steadily broke above the $14.50 resistance area. The price broke a major bearish trend line at $14.00 on the daily chart.
The price even broke the 50% Fibonacci retracement level of the decline from the $22.83 high to $11.96 low. The bullish side even pushed the price above the $17.40 level and the 50-day simple moving average (blue).


Chainlink price daily chart | Source: LINK/USD via TradingView.com
LINK price is currently facing resistance at the $18.80 area and the 61.8% Fibonacci retracement level of the move from the $22.83 high to $11.96 low. Recently, Chainlink tweeted about their birthday party. Chainlink has been online for 5 years on the mainnet and hopes to celebrate at the consensus conference.
The current price action on the daily chart shows that the price is showing a strong uptrend above the $17.40 level. A clear break above the $18.80 resistance would open the doors for the price to rush towards the $20.00 resistance area.
The next key resistance is near the $22.80 level. If the bulls continue to act, LINK is likely to rise and climb above the $25.00 resistance level. Further gains could lead the price to $32.00.
Will LINK drop again?
If Chainlink loses near $18.80 or $20.00, there could be a downside correction. An immediate support is near the $17.40 area. The next important support is at $16.00 (multiple touch zone), below which the LINK price could slide down and test the 50-day simple moving average (blue). Further losses could lead the price down to the $13.00 support area in the coming weeks.
Overall, Chainlink’s LINK price is in a bullish zone above the $17.40 support and the 50-day simple moving average (blue). In the short term, it could soon start a fresh increase above the $20.00 and $22.80 levels.