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.
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.
