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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

LINK Price Prediction: Chainlink Could Lift-off Toward $8

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
chainlink link price

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Chainlink’s LINK price is showing positive signs above $6.00. The price could rise further if it clears the $6.30 and $6.50 resistance levels.

  • Chainlink token price is showing positive signs and rising from $5.00 against the US dollar.
  • The price is trading above the $6.00 level and the 100 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $5.10 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
  • The price could extend its recovery and rally toward the $8.0 resistance zone.

Chainlink (LINK) Eyes More Gains

After a major decline, LINK price found support near the $5.0 zone against the US Dollar. A low was formed near $5.004 and the price started a fresh increase, similar to Bitcoin and Ethereum.

There was a clear move above the $5.10 and $5.50 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $5.10 on the 4-hours chart of the LINK/USD pair. The upward move gained pace above the $5.80 resistance.

LINK even jumped above $6.0 before the bears appeared. A high is formed near $6.37 and the price is now consolidating gains. Chainlink price is now trading above the $6.00 level and the 100 simple moving average (4 hours).

It is also showing positive signs above the 23.6% Fib retracement level of the upward move from the $5.00 swing low to the $6.37 high. On the upside, the price is facing resistance near the $6.35 zone.

LINK Price Prediction

Source: LINKUSD on TradingView.com

The first major resistance is near the $6.50 zone. A clear break above $6.50 may possibly start a fresh increase toward the $7.20 and $7.25 levels. The next major resistance is near the $7.80 level, above which the price could revisit $8.0.

Dips Supported?

If chainlink’s price fails to climb above the $6.50 resistance level, there could be a downside correction. Initial support on the downside is near the $6.05 level.

The next major support is near the $5.70 level, below which the price might test the 61.8% Fib retracement level of the upward move from the $5.00 swing low to the $6.37 high at $5.50. Any more losses could lead the price toward the $5.00 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 – $6.05 and $5.70.

Major Resistance Levels – $6.35 and $6.50.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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.

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