LINK Price Chainlink is gaining bullish momentum above $16.50. The price may continue to rise if it breaks the resistance zone at $17.50.

• Chainlink price is showing bullish signs and seeing further gains above $17.00 against the US Dollar.
• The price is above the $16.50 level and the 100-hour uncomplicated moving average.
• On the hourly chart, LINK/USD has broken above a key bearish trend line with resistance near $16.50 (data source Kraken).
• The price could begin another rally if it clears the resistance zone at $17.50.

Chainlink price has additional advantages

Over the past few days, Chainlink has remained in the positive zone above the $15.00 level, similar to Bitcoin and Ethereum. There was a move above the $16.50 and $17.00 levels. The peak was made at $17.45, followed by a downward correction.

The price dropped below $16.50 and tested $15.35. The low formed at $15.34, and the price has recently attempted to rise again. There was a move above the $16.50 level. It even jumped above the 50% Fib retracement level in a move down from the $17.45 high to the $15.34 low.

Additionally, there was a break above the key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair. Chainlink is currently trading above the $16.50 level and the 100 uncomplicated moving average (4 hours).

Immediate resistance is located near the $16.90 level or the 76.4% Fib retracement level on the move down from the $17.45 high to the $15.34 low. The next major resistance is near the $17.50 zone. A clear break above $17.50 could likely usher in a steady rally towards the $18.20 level. The next major resistance is near the $18.80 level, above which the price may test $20.00.

Another drop in LINK?

If Chainlink price fails to break above the resistance level at $17.50, a modern decline could occur. Initial downside support is near the $16.65 level.

The next major support is near the $16.20 level, below which the price may test the $15.50 level. Any further losses could take LINK to $15.00 in the near future.

Technical indicators

Hourly MACD – MACD for LINK/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for LINK/USD is currently above the 50 level.

Major support levels – $16.65 and $16.20.

Major resistance levels – $17.00 and $17.50.