- Chainlink price suffered a significant 32% correction on January 10.
- The digital asset needs to regain a crucial resistance level at $15.47 to resume the uptrend.
Chainlink hit a high of $17.39 on January 7 and saw a breakout on January 9 above this level climbing towards $18.43. Unfortunately, Bitcoin crashed hard and took the entire market with it. LINK plummeted down to $12.5 and bulls fight to regain control.
Chainlink price must conquer $15.5 to climb higher
On the 4-hour chart, Chainlink established a downtrend but bulls have defended a crucial support level in the form of the 100-SMA. LINK set a high at $15.47 and a potential higher low at $13.73 compared to the low of the crash at $12.5.
LINK/USD 4-hour chart
In order to confirm an uptrend, Chainlink bulls have to push the digital asset above $15.47 to establish a higher high. This level also coincides with the 50-SMA, which adds credence to the bullish outlook. Above this point, there is very little resistance until $18.
LINK IOMAP chart
The In/Out of the Money Around Price (IOMAP) chart shows a strong resistance level at around $15.7, which coincides with the outlook above. The model indicates that a breakout above this point can quickly drive Chainlink price up as there is very little resistance towards $18.
On the other hand, the same IOMAP chart indicates there is not a lot of support on the way down until the area located between $12.95 and $13.39. A breakdown below this range can drive Chainlink price towards $12.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.