Chainlink LINK price is showing positive signs above $7.20. The price could rise further if it stays above the $7.30 support zone.
- The Chainlink token price is showing positive signs, rising from USD 7.00 against the US Dollar.
- The price is trading above the $7.30 level and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near USD 7.35 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 $6.95 level against the US dollar. A low was formed near USD 6,933 and the price started to rise again, unlike Bitcoin and Ethereum.
There was clear movement above the $7.10 and $7.20 resistance levels. In addition, there was a break above a major bearish trendline with resistance near $7.35 on the LINK/USD pair’s 4-hour chart. Finally, the pair was trading close to the $8.00 zone.
A high is forming near $7,914 and the price is now correcting gains. There was movement below the 23.6% Fib retracement level of the upward move from the $6,933 swing low to the $7,914 high.
Source: LINKUSD at TradingView.com
LINK price is now trading above the $7.30 level and the 100 simple moving average (4 hours). It is now facing resistance near the $7.80 level. The first major resistance is near the $7.95 zone. A clear break above $7.95 could potentially trigger a fresh increase towards the $8.20 and $8.255 levels. The next major resistance is near the $8.50 level, above which the price could reach $8.80 again.
dips supported?
If the price of Chainlink fails to break above the $7.95 resistance level, there could be a downside correction. Initial support on the downside is near the $7.50 level and the 100 simple moving average (4 hours).
The next key support is near the $7.30 level and 61.8% Fib retracement level of the upward move from the $6,933 swing low to the $7,914 high, below which the price has crossed the $7.10 level could test. More losses could lead the price to the $7.00 level in the near term.
Technical indicators
4am MACD – The MACD for LINK/USD is losing 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 – $7.50 and $7.30.
Major resistance levels – $7.80 and $7.95.