Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Chainlink’s LINK price is gaining pace above $7.00. The price could rise further if it clears the $7.35 and $7.50 resistance levels.
- Chainlink token price is showing positive signs and rising from $6.50 against the US dollar.
- The price is trading above the $7.00 level and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
- The price could gain bullish momentum above the $7.35 resistance zone.
Chainlink (LINK) Price Eyes More Gains
After a short-term downside correction, LINK price found support near the $6.45 level against the US Dollar. A low was formed near $6.458 and the price started a fresh increase, unlike Bitcoin and Ethereum.
There was a clear move above the $6.65 and $6.90 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low. LINK price is now trading above the $7.00 level and the 100 simple moving average (4 hours).
There is also a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair. The pair is now facing resistance near the 76.4% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low.
Source: LINKUSD on TradingView.com
The first major resistance is near the $7.35 zone. A clear break above $7.35 may possibly start a fresh increase toward the $7.50 and $7.85 levels. The next major resistance is near the $8.00 level, above which the price could revisit $8.80.
Dips Supported?
If Chainlink’s price fails to climb above the $7.35 resistance level, there could be a downside correction. Initial support on the downside is near the $6.90 level.
The next major support is near the $6.65 level and the trend line zone, below which the price might test the $6.45 level. Any more losses could lead the price toward the $6.00 level in the near term.
Technical Indicators
4 hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.
Major Support Levels – $6.90 and $6.65.
Major Resistance Levels – $7.35 and $8.00.
