- Chainlink buyers are working extremely hard to keep the price above $ 15 after hitting a wall at $ 15.5.
- LINK / USD could settle for a consolidation signaled by the leveling movement of the MACD.
Chainlink is trading above $ 15 after the bulls rallied impressively from the weekly low traded at $ 13.5. Price action found another boost after overcoming stubborn resistance at the descending trendline. LINK / USD slightly exceeded $ 15.5, but was unable to support gains towards the next hurdle at $ 16.
At the time of writing, LINK is trading at $ 15.30 amid increasing selling, mainly because buyers have not been able to contain gains above $ 15.50. The immediate downside is supported by the 200 SMA in the 1 hour range. If Chainlink breaks below that initial support, the price could dip further to test $ 15.00.
Technical levels at the time of writing point to a strengthening of bearish grip. The RSI in this case plunges back towards the midline after failing to maintain the trend in the overbought region. The MACD is stabilizing slightly above the midline indicating that consolidation would gain the upper hand, especially if the support at $ 15 holds. However, if the push is felt and the losses extend further, the 50 SMA at $ 14.74 will be helpful in keeping the bulls from approaching the next support at $ 14 and $ 13.50 respectively.