Chainlink price rebounded above the $ 23.50 zone and is currently trading well above $ 24.00 and the 100 (4-hour) simple moving average. It tested the 50% Fib retracement level of the recent drop, from a $ 27.03 high to a $ 22.92 low. The major uptrend line is forming with support area near $ 23.85 on the 4-hour chart. On the upside, the price is facing resistance near the $ 25.00 level.
The next major resistance level is located near $ 25.50. It is close to the 61.8% Fib retracement level. This area breakout can help LINK initiate a new rally towards $ 27.00 and $ 28.00 levels.
If the price fails to climb above the $ 25.00 zone, it can form a new drop with initial support near $ 24.00 and the trend line. If below the support of the trendline, the price can drop even lower, back to $ 23.00. Any further loss could drive the price towards the $ 22.00 zone.