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 key support is near the USD 6.65 level and trendline zone, below which the price might test the USD 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.
