Chainlink’s LINK price is gaining momentum above $7.80. The price could rally further if there is a clear move above the $8.00 resistance zone.
- Chainlink token price is showing positive signs and rising from $7.30 against the US dollar.
- The price is trading above the $7.80 level and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $7.65 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The price could rally further if there is a clear move above the $8.00 resistance zone.
Chainlink (LINK) Regains Traction
After a sharp downside correction, LINK price found support near the $7.30 zone against the US Dollar. A low was formed near $7.31 and the price started a fresh increase, similar to bitcoin and ethereum.
There was a clear move above the $7.50 resistance zone. The price even cleared the 50% Fib retracement level of the recent decline from the $8.37 high to $7.31 low. Chainlink is now trading above the $7.80 level and the 100 simple moving average (4-hours).
There is also a key bullish trend line forming with support near $7.65 on the 4-hours chart of the LINK/USD pair. On the upside, the price is facing resistance near the $8.00 zone.
Source: LINKUSD on TradingView.com
The 61.8% Fib retracement level of the recent decline from the $8.37 high to $7.31 low is also near the $8.00 resistance zone. A clear break above $8.00 may possibly start a fresh increase towards the $8.50 and $8.80 levels. The next major resistance is near the $9.50 level, above which the price could revisit $10 or even $10.20.
Dips Limited?
If chainlink’s price fails to climb above the $8.00 resistance level, there could be a fresh decline. An initial support on the downside is near the $7.60 level and the trend line.
A break below the trend line support might push the price further lower towards $7.30. Any more losses could lead the price towards the $6.80 level.
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 – $7.60 and $7.30.
Major Resistance Levels – $8.00 and $8.80.