- Chainlink price has formed a bullish reversal pattern during the last two days
- Stoch oscillator indicates bullishness for the coin
- The coin is testing a Fibonacci resistance level on the hourly charts
![](https://themarketperiodical.com/wp-content/uploads/2021/12/image-737-1024x506.png)
Chainlink price is showing bullish reversal signs going by the latest candle formed on the daily charts. The coin formed a spinning top followed by a strong bullish candle hinting at a possible reversal in the near term. The coin formed support at $ 17.5 and a resistance zone at $ 24.5. This resistance zone acted as a strong support zone for the coin from August to the start of December. The coin has a long-term resistance level of $ 36. On the Stochastic Oscillator chart, the 14-day average has just moved above the 3-day average indicating a bullish reversal and the chart also shows that the coin is slightly underbought at the moment.
![](https://themarketperiodical.com/wp-content/uploads/2021/12/image-738-1024x457.png)
Chainlink price is testing a resistance level on the Fibonacci retracement chart pattern at the moment on the hourly charts. The coin had a good bull run from the 20th to 28th and since has been dominated by the bears. The coin is consolidating between the base and 23.6% level of the fib chart. The fib chart has been a good indicator of the supports and resistances of the coin. Volumes for the coin have been very healthy. If the coin is able to break the resistance level then the coin is set for an uptrend in action.
Conclusion:
The coin is showing bullish reversal signs and is testing a resistance level on the fib chart. Stoch oscillator and candlestick patterns hint at bullishness for the short term. The closest resistance is at the $ 24.5 zone and traders can look out for this key level.
Support: $ 17.5
Resistance: $ 24.5 and $ 36