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Home»Analysis»Chainlink points to possible rally to $8
Analysis

Chainlink points to possible rally to $8

2023-08-14No Comments2 Mins Read
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Chainlink’s LINK price is holding the $7.30 support zone. The price could start a fresh increase if it clears the $7.50 resistance zone.

  • Chainlink token price is showing positive signs above USD 7.30 against the US Dollar.
  • The price is trading above the $7.40 level and the 100 simple moving average (4 hours).
  • A major bearish channel is forming with resistance close to $7.50 on the LINK/USD pair’s 4-hour chart (data source from Kraken).
  • The price could gain bullish momentum above the $7.50 resistance zone.

Chainlink (LINK) Increase price Eyes Fresh

After a strong increase, the LINK price faced sellers near the $7.90 zone against the US dollar. A high was formed near $7.91 and the price began a downside correction, unlike Bitcoin and Ethereum.

There was movement below the $7.60 and $7.50 levels. The price fell below the 50% Fib retracement level of the upward move from the $6,932 swing low to the $7,915 high. The price also spiked below the $7.40 level. However, the bulls are active near the $7.30 support.

LINK is trading above the 61.8% Fib retracement level of the upward move from the $6,932 swing low to the $7,915 high. It is also above the $7.40 level and the 100 simple moving average (4 hours).

LINK Price Prediction

Source: LINKUSD at TradingView.com

It is now facing resistance near the $7.50 level. A major bearish channel is also forming with resistance near $7.50 on the LINK/USD pair’s 4-hour chart. The first major resistance is near the $7,685 zone. A clear break above USD 7,685 could potentially trigger a fresh increase towards the USD 7.90 and USD 8.00 levels. The next major resistance is near the $8.20 level, above which the price could reach $8.50 again.

See also  XRP price pauses Rally: healthy relapse or reversal in prospect?

Lose more?

If the price of Chainlink fails to break above the $7.50 resistance level, there could be a downside extension. The first support on the downside is near the $7.30 level.

The next key support is near the $7.15 level, below which the price might test the $7.00 level. Any more losses could lead the price to the $6.85 level in the near term.

Technical indicators

4am MACD – The MACD for LINK/USD is losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now near the 50 level.

Major Support Levels – $7.30 and $7.15.

Main resistance levels – $7.50 and $7.685.

Source link

Chainlink points rally
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