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Chainlink (LINK) Holding Uptrend Support, Why It Could Rally Again

Chainlink (LINK) Holding Uptrend Support, Why It Could Rally Again

Chainlink (LINK) rallied towards the $24.00 level before correcting lower, similar to bitcoin and Ethereum. The price is now trading near a major support zone at $20.00.

  • Chainlink token price traded as high as $23.79 before starting a downside correction against the US dollar.
  • The price is trading above the $20.00 support and it is well above the 100 simple moving average (4-hours).
  • There is a connecting bearish trend line forming with resistance near $21.70 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price could extend losses towards $18.20 before starting a fresh increase in the near term.

Chainlink (LINK) Corrects Lower

After a clear break above $20.00, chainlink (LINK) extended its rally. It even surged above the $22.00 level and settled well above the 100 simple moving average (4-hours).

It traded as high as $23.79 before starting a downside correction. There was a break below the $22.00 and $21.20 support levels. There was also a clear break below a contracting triangle with support near $21.50 on the 4-hours chart of the LINK/USD pair.

Read the full article at Newsbtc.com

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