Chainlink performed brilliantly with a 5% rise this week. The top cryptocurrency maintained a neutral bias within the last 24 hours and the price stabilized above the support at $3.87.
The cryptocurrency began to stage a bull market when it first touched support at the $3.44 early on into the week.
Leaping off the support at $3.44, LINK began rebounding towards $3.5. The coin had snapped back from a rising support trend line which obstructed the price from calming down further under $3.44 (0.23 Fib level).
The Resistance Strength Indicator (RSI) has bounced from the 40.0 level. Simply suggesting that the bulls are still very much eager in running through to the next resistance at $3.5.
At the time of writing this piece, LINK/USD is changing hands at $3.87, with buyers not indicating abundant signs of giving up their control of the market sentiments yet.
LINK/USD Technical Analysis
LINK/USD stays bullish to market instabilities at the moment. However, the pair would need to climb past the $3.87 (1.0 Fibo level) area in order to continue the bullish trend.
If the bears drag the market beneath the rising support trend line. It can be evaluated that the market is bearish in the short term.
In the upside direction, the first level of friction fibs at 78.6% Fibonacci retracement level which is provided by a bullish $3.75 area. This is maintained immediately with resistance at the 50.0 RSI level.
Above the 50.0 RSI, resistance lies at $3.87 (1.0 Fib Extension), $4.02, and $4.1 (1.27 and 1.414 Fib Extension respectively).
If the sellers pull below the 40.0 RSI level, we can expect support to be located at $3.65 and $3.5 (0.68 and 0.5 Fi levels). Beneath this, support lies at $3.44 and $3.40 (0.23 Fib Retracement).
Analyzing the 4-hour graph above, LINK had plunged beneath the 50.0 RSI level at the opening of the month after plummeting over from the resistance at $4.1 (1.41 Fib Extension level).
The coin continued to drop below the 1.272 Fibonacci level until lately striking the support at $3.44 which was further enhanced by a rising support trend line.