LINK price analysis today May 24
Let's refer to the LINK price analysis today, May 24, to make the right decisions with this asset!
Chainlink 's LINK price is gaining momentum above $16.50. The price may continue to rise if it breaks above the resistance area at $17.50.
- Chainlink price is showing bullish signs and aiming for more gains above $17.00.
- The price is trading above the $16.50 level and the 100 SMA.
- There was a break above the key downtrend line with resistance near $16.50.
- The price could start another increase if it clears the $17.50 resistance area.
LINK aims to be more profitable
Over the past few days, Chainlink has remained in positive territory above the $15 level, like Ethereum . There was a move above the $16.50 and $17 levels. A high was formed at $17.45 before a downside correction.
The price fell below $16.50 and tested the $15.35 level. A low was formed at $15.34 and the price recently attempted fresh increases. There was a move above the $16.50 level. It even jumped above the 50% Fib retracement level of the downward move from $17.45 to $15.34.
Additionally, there was a break above the key downtrend line with resistance near $16.50. Chainlink is currently trading above $16.50 and the 100 SMA.
Source: TradingView
Immediate resistance is near $16.90 or the 76.4% Fib retracement level of the downward move from $17.45 to $15.34. The next major resistance is near the $17.50 area. A clear break above $17.50 could start a steady rise towards $18.20. The next major resistance is near the $18.80 level, above which the price could test $20.
In case LINK reverses
If LINK fails to rise above the $17.50 resistance, a fresh pullback is possible. 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 could test the $15.50 level. Any further losses could send LINK towards $15.00 in the near term.
Technical indicators
Hourly MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for LINK/USD is currently above the 50 level.
Key support levels – $16.65 and $16.20.
Key resistance levels – $17 and $17.50.
According to NewsBTC
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