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.
- The Chainlink token price is showing positive signs, rising from USD 6.50 against the US Dollar.
- The price is trading above the $7.00 level and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near USD 6.65 on the LINK/USD pair’s 4-hour chart (data source from Kraken).
- The price could gain bullish momentum above the $7.35 resistance zone.
Chainlink (LINK) Price looks at more profit
After a short term downside correction, LINK price found support near the $6.45 level against the US dollar. A low was formed near USD 6,458 and the price started to rise again, unlike Bitcoin and Ethereum.
There was clear movement 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).
A major bullish trendline is also forming with support near USD 6.65 on the LINK/USD pair’s 4-hour chart. 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 at TradingView.com
The first major resistance is near the $7.35 zone. A clear break above $7.35 could potentially trigger another rise towards the $7.50 and $7.85 levels. The next major resistance is near the $8.00 level, above which the price could reach $8.80 again.
dips supported?
If the price of Chainlink fails to break above the $7.35 resistance level, there could be a downside correction. The first support on the downside is near the $6.90 level.
The next major support is near the $6.65 level and trendline zone, below which the price could test the $6.45 level. More losses could lead the price to the $6.00 level in the near term.
Technical indicators
4am 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.