Chainlink’s LINK price is showing positive signs above $7.00. The price could rise further if it clears the $7.65 and $7.80 resistance levels.
- Chainlink token price is showing positive signs and rising from $6.75 against the US dollar.
- The price is trading above the $7.00 level and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $7.0 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The price could rally if there is a clear move above the $7.65 resistance zone.
Chainlink (LINK) Eyes More Gains
After a bearish reaction, LINK price found support near the $6.75 zone against the US Dollar. A low was formed near $6.741 and the price started a fresh increase, similar to bitcoin and ethereum.
There was a clear move above the $6.95 and $7.00 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $7.0 on the 4-hours chart of the LINK/USD pair. The pair climbed above the 50% Fib retracement level of the downward move from the $7.64 swing high to $6.74 low.
Chainlink price is now trading above the $7.00 level and the 100 simple moving average (4-hours). It is also showing positive signs above the 76.4% Fib retracement level of the downward move from the $7.64 swing high to $6.74 low.
Source: LINKUSD on TradingView.com
On the upside, the price is facing resistance near the $7.65 zone. The first major resistance is near the $7.80 zone. A clear break above $7.80 may possibly start a fresh increase towards the $8.00 and $8.20 levels. The next major resistance is near the $8.50 level, above which the price could revisit $10.
Dips Supported?
If chainlink’s price fails to climb above the $7.65 resistance level, there could be a downside correction. An initial support on the downside is near the $7.20 level.
The next major support is near the $7.00 level, below which the price might test the $6.75 support. Any more losses could lead the price towards the $6.50 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 – $7.20 and $7.00.
Major Resistance Levels – $7.65 and $8.00.