Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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 $7.30 against the US dollar.
- The price is trading above the $7.40 level and the 100 simple moving average (4 hours).
- There is a key declining channel forming with resistance near $7.50 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
- The price could gain bullish momentum above the $7.50 resistance zone.
Chainlink (LINK) Price Eyes Fresh Increase
After a strong increase, LINK price faced sellers near the $7.90 zone against the US Dollar. A high was formed near $7.91 and the price started a downside correction, unlike Bitcoin and Ethereum.
There was a move below the $7.60 and $7.50 levels. The price declined 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).
Source: LINKUSD on TradingView.com
It is now facing resistance near the $7.50 level. There is also a key declining channel forming with resistance near $7.50 on the 4-hour chart of the LINK/USD pair. The first major resistance is near the $7.685 zone. A clear break above $7.685 may possibly start a fresh increase toward the $7.90 and $8.00 levels. The next major resistance is near the $8.20 level, above which the price could revisit $8.50.
More Losses?
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 $7.30 level.
The next major support is near the $7.15 level, below which the price might test the $7.00 level. Any more losses could lead the price toward the $6.85 level in the near term.
Technical Indicators
4 hours 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.
Major Resistance Levels – $7.50 and $7.685.
