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Chainlink (LINK)
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LINK Price Prediction: Chainlink Needs To Clear $6.25 For Hopes of a Fresh Rally

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

Chainlink’s LINK price is holding the $5.75 support zone. The price could start a fresh increase if it clears the $6.25 resistance zone.

  • Chainlink token price is showing positive signs above $6.0 against the US dollar.
  • The price is trading above the $6.05 level and the 100 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $6.10 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
  • The price could gain bullish momentum above the $6.25 resistance zone.

Chainlink (LINK) Price Eyes Fresh Recovery

After a major decline, LINK price found support near the $5.75 zone against the US Dollar. A low was formed near $5.74 and the price is now attempting a recovery wave, like Bitcoin and Ethereum.

There was a decent move above the $5.85 and $6.00 levels. LINK is now trading above the $6.05 level and the 100 simple moving average (4 hours). However, there are many hurdles on the upside starting with $6.10. Besides, there is a key bearish trend line forming with resistance near $6.10 on the 4-hour chart of the LINK/USD pair.

The current price action suggests that the price is struggling near the trend line and $6.10. The first major resistance is near the $6.25 zone. It is close to the 23.6% Fib retracement level of the downward move from the $7.91 swing high to the $5.74 low.

LINK Price Prediction

Source: LINKUSD on TradingView.com

A clear break above $6.25 may possibly start a fresh increase toward the $6.65 and $6.80 levels. The next major resistance is near the $7.10 level, above which the price could revisit $7.50.

Another Decline Losses?

If Chainlink’s price fails to climb above the $6.25 resistance level, there could be a downside extension. Initial support on the downside is near the $6.00 level.

The next major support is near the $5.75 level, below which the price might test the $5.60 level. Any more losses could lead the price toward the $5.35 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 above the 50 level.

Major Support Levels – $6.00 and $5.75.

Major Resistance Levels – $6.25 and $6.80.

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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