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LINK Price Prediction

LINK Price Extends Increase, Will Chainlink Bulls Be Able to Hit $8.5 Milestone?

Aayush Jindal by Aayush Jindal
2 months ago
in LINK
Reading Time: 2 mins read

Chainlink’s LINK price is moving higher above the $7.25 resistance. The price is now consolidating gains and might aim for more upsides above $7.50.

  • Chainlink price is showing positive signs above $7.25 against the US dollar.
  • The price is trading above the $7.30 level and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $7.25 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
  • The price could restart its increase unless there is a close below the $6.95 support.

Chainlink (LINK) Price Eyes More Upsides

In the last LINK price prediction, we discussed the chances of more gains above the $7.00 level against the US Dollar. The price did remain stable and extended gains above the $7.25 level.

The price even broke the $7.50 level. Chainlink traded as high as $7.56 and outperformed Bitcoin and Ethereum. Recently, there was a minor downside correction below $7.40. The price tested the 23.6% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high.

LINK is now trading above the $6.50 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $7.25 on the 4-hour chart of the LINK/USD pair.

Chainlink (LINK) Price

Source: LINKUSD on TradingView.com

If there is a fresh increase, the price might face resistance near $7.45. The first major resistance is near the $7.50 zone. A clear break above $7.50 may possibly start a steady increase toward the $8.00 and $8.20 levels. The next major resistance is near the $8.50 level, above which the price could test $8.80.

Are Dips Limited?

If Chainlink’s price fails to climb above the $7.50 resistance level, there could be a downside extension. Initial support on the downside is near the $7.25 level.

The next major support is near the $6.95 level or the 61.8% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high, below which the price might test the $6.80 level. Any more losses could lead LINK toward the $6.60 level in the near term.

Technical Indicators

4 hours 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 – $7.25 and $6.95.

Major Resistance Levels – $7.50 and $8.50.

Tags: chainlinkLINKBTCLINKUSDlinkusdt
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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