After correcting by almost 50% in a month, Chainlink LINK found support and began to range until it located a key level on Wednesday. It initiated a surge and steadily increased until the price broke out of a range bound.

The past month of trading has been indecisive for Link as it trades within a tight range, deciding on the next direction due to low volatility.

Interestingly, it found solid support again this week and the market became highly volatile, increasing consistently until it broke away from its tight range to where it is changing hands at $16.35 at the moment.

This breakout came following a mid-week reversal pattern from the $12.9 level, which is now serving as key support. It is important to note that the last 72-hour surge marked the highest buying period for the first time in eight weeks.

Link is currently targeting the $17 level, which initiated a breakdown in April. We may see a slight pullback once a test occurs. An increase above this level may invalidate the expected pullback until it encounters a rejection.

Of course, the bulls are now gaining dominance daily. But a lot of obstacles lie ahead for them to fully regain control on the macro level

Flipping through the $17 level in the latest surge could propel buying to the $18.7 resistance. Failure to pull back may result in more rallies to the $20.73 resistance and potentially $23 for a full recovery.

For pullbacks, the $15.2 level is the closest support to watch, followed by $14. Dropping back to the weekly low of $12.9 would bring a retest of the broken descending trendline as support.

Key Resistance Levels: $17, $18.7, $20.73

Key Support Levels: $15.2 $14, $12.9

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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