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LINK Price Prediction: Chainlink Bulls Aim Key Bullish Break

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

Chainlink’s LINK price is showing positive signs above $6.80. The price could rally if there is a clear move above the $7.40 resistance zone.

  • Chainlink token price is showing positive signs and rising from $6.50 against the US dollar.
  • The price is trading above the $6.80 level and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $7.08 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price could rally if there is a clear move above the $7.40 resistance zone.

Chainlink (LINK) Eyes Fresh Rally

After a major decline, LINK price found support near the $6.00 zone against the US Dollar. A low was formed near $5.90 and the price started a fresh increase, similar to bitcoin and ethereum.

There was a clear move above the $6.50 and $7.00 resistance levels. The price even traded close to $7.50. A high is formed near $7.46 and the price is now correcting lower. There was a minor decline below the $7.25 level. The price dropped below the 23.6% Fib retracement level of the upward move from the $6.45 swing low to $7.46 high.

Chainlink price is still trading above the $6.80 level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $7.08 on the 4-hours chart of the LINK/USD pair.

LINK Price Prediction

Source: LINKUSD on TradingView.com

On the upside, the price is facing resistance near the $7.30 zone. The first major resistance is near the $7.50 zone. A clear break above $7.50 may possibly start a fresh increase towards the $8.50 and $8.80 levels. The next major resistance is near the $9.20 level, above which the price could revisit $10.

Dips Supported?

If chainlink’s price fails to climb above the $7.50 resistance level, there could slowly move down. An initial support on the downside is near the $7.08 level and the trend line.

A break below the trend line support might push the price further lower towards $6.80 or the 61.8% Fib retracement level of the upward move from the $6.45 swing low to $7.46 high. Any more losses could lead the price towards the $6.50 level.

Technical Indicators

4-hours 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 – $7.00 and $6.80.

Major Resistance Levels – $7.50 and $8.80.

Tags: chainlinkLinkLINKUSDlinkusdt
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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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