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October 4, 2022
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Chainlink overcoming obstacles and heading for $ 25

In the last few days, there has been a sharp increase in the chainlink (LINK), and it has outpaced bitcoin and Ethereum. The price overcame many major hurdles close to $ 18.00 and $ 20.00 to start the recent increase.

The bullish movement gained pace above $ 20.00 and there was also a close above the simple moving average of 100 (4 hours). The price rose above $ 22.00 and traded for an almost annual high of $ 23.76. The price recently started a bearish correction below $ 23.00.

The price also broke the Fib retracement level of 23.6% from the recent high, from $ 19.41 at a low to $ 23.76 at a high. However, the price is finding strong support near $ 21.50.

Source: LINKUSD at TradingView.com

There is also a bullish trend line forming with support near $ 21.55 on the 4-hour chart of the LINK / USD pair. The trend line is close to the 50% Fib retracement level of the recent high, from $ 19.41 at the low to $ 23.76 at the high.

Breaking more barriers

If the price of the chainlink remains above the $ 21.50 zone and the trendline area, it could start a further increase. Initial positive resistance is close to the $ 23.00 level.

A clear break above the $ 23.00 level could open the door to further benefits above the $ 23.50 zone. In the stated case, the price may rise above the $ 25.00 level.

Technical Indicators

4-hour MACD – MACD for LINK / USD is losing strength in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI for LINK / USD is currently well above level 60.

Key support levels – $ 21.50, $ 21.20 and $ 20.00.

Main resistance levels – $ 23.00, $ 23.50 and $ 25.00.

Source: NewsBTC

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