Chainlink LINK price is showing positive signs above USD 6.00. The price could rise further if it clears the $6.30 and $6.50 resistance levels.
- The Chainlink token price is showing positive signs, rising from $5.00 against the US dollar.
- The price is trading above the $6.00 level and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near USD 5.10 on the LINK/USD pair’s 4-hour chart (data source from Kraken).
- The price could extend its recovery and move towards the $8.0 resistance zone.
Chainlink (LINK) Eyes more profit
After a major decline, the LINK price found support near the $5.0 zone against the US Dollar. A low was formed near USD 5,004 and the price started to rise again, similar to Bitcoin and Ethereum.
There was clear movement above the $5.10 and $5.50 resistance levels. In addition, there was a break above a major bearish trendline with resistance near $5.10 on the LINK/USD pair’s 4-hour chart. The upward move gained momentum above the $5.80 resistance.
LINK even jumped above $6.0 before the bears appeared. A high is formed near $6.37 and the price is now consolidating gains. Chainlink price is now trading above the $6.00 level and the 100 simple moving average (4 hours).
It is also showing positive signs above the 23.6% Fib retracement level of the upward move from the $5.00 swing low to the $6.37 high. On the upside, the price is facing resistance near the $6.35 zone.
Source: LINKUSD at TradingView.com
The first major resistance is near the $6.50 zone. A clear break above $6.50 could potentially trigger another increase towards $7.20 and $7.25. The next major resistance is near the $7.80 level, above which the price could reach $8.0 again.
dips supported?
If the price of chainlink fails to break above the $6.50 resistance level, there could be a downside correction. The first support on the downside is near the $6.05 level.
The next key support is near the $5.70 level, below which the price crosses the 61.8% Fib retracement level of the upward move from the $5.00 swing low to the $6.37 high at $5 .50 could test. More losses could lead the price to the $5.00 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 – $6.05 and $5.70.
Major resistance levels – $6.35 and $6.50.