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.