Rally

Bitcoin

Resistance

Chainlink

Chainlink’s LINK price is gaining bullish momentum above $16.50. The price could continue to move up if it clears the $17.50 resistance zone. 
<ul> 
 <li>Chainlink price is showing bullish signs and eyeing more gains above $17.00 against the US dollar.</li> 
 <li>The price is trading above the $16.50 level and the 100-hourly simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair (data source from Kraken).</li> 
 <li>The price could start another increase if it clears the $17.50 resistance zone.</li> 
</ul> 
<h2 id="chainlink-price-eyes-additional-upsides">Chainlink Price Eyes Additional Upsides</h2> 
In the past few days, Chainlink remained in a positive zone above the $15.00 level, like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-68250/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-dips-3720/" target="_blank" rel="noopener ">Ethereum</a>. There was a move above the $16.50 and $17.00 levels. A high was formed at $17.45 before there was a downside correction. 
The price dipped below $16.50 and tested $15.35. A low was formed at $15.34 and the price recently attempted a fresh increase. There was a move above the $16.50 level. It even jumped above the 50% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low. 
Besides, there was a break above a key bearish trend line with resistance near $16.50 on the hourly chart of the LINK/USD pair. Chainlink is now trading above the $16.50 level and the 100 simple moving average (4 hours). <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609594 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449" alt="Chainlink Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/LINK-Price-Chainlink_4df9bc.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Immediate resistance is near the $16.90 level or the 76.4% Fib retracement level of the downward move from the $17.45 swing high to the $15.34 low. The next major resistance is near the $17.50 zone. A clear break above $17.50 may possibly start a steady increase toward the $18.20 level. The next major resistance is near the $18.80 level, above which the price could test $20.00. 
<h2 id="another-decline-in-link">Another Decline In LINK?</h2> 
If Chainlink’s price fails to climb above the $17.50 resistance level, there could be a fresh decline. Initial support on the downside is near the $16.65 level. 
The next major support is near the $16.20 level, below which the price might test the $15.50 level. Any more losses could lead LINK toward the $15.00 level in the near term. 
Technical Indicators 
Hourly MACD – The MACD for LINK/USD is gaining momentum in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level. 
Major Support Levels – $16.65 and $16.20. 
Major Resistance Levels – $17.00 and $17.50.

Chainlink (LINK) Primed for Another Surge: Major Rally on the Horizon?

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