LINK Price Prediction: Chainlink Gearing For Another Lift-Off to $8

Aayush Jindal

1 year ago

2 mins read

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Chainlink’s LINK price is showing positive signs above $7.00. The price could rise further if it clears the $7.65 and $7.80 resistance levels.

Chainlink token price is showing positive signs and rising from $6.75 against the US dollar.
The price is trading above the $7.00 level and the 100 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $7.0 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 $7.65 resistance zone.

Chainlink (LINK) Eyes More Gains

After a bearish reaction, LINK price found support near the $6.75 zone against the US Dollar. A low was formed near $6.741 and the price started a fresh increase, similar to bitcoin and ethereum.

There was a clear move above the $6.95 and $7.00 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $7.0 on the 4-hours chart of the LINK/USD pair. The pair climbed above the 50% Fib retracement level of the downward move from the $7.64 swing high to $6.74 low.

Chainlink price is now trading above the $7.00 level and the 100 simple moving average (4-hours). It is also showing positive signs above the 76.4% Fib retracement level of the downward move from the $7.64 swing high to $6.74 low.

Source: LINKUSD on TradingView.com

On the upside, the price is facing resistance near the $7.65 zone. The first major resistance is near the $7.80 zone. A clear break above $7.80 may possibly start a fresh increase towards the $8.00 and $8.20 levels. The next major resistance is near the $8.50 level, above which the price could revisit $10.

Dips Supported?

If chainlink’s price fails to climb above the $7.65 resistance level, there could be a downside correction. An initial support on the downside is near the $7.20 level.

The next major support is near the $7.00 level, below which the price might test the $6.75 support. Any more losses could lead the price towards the $6.50 level in the near term.

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 – $7.20 and $7.00.

Major Resistance Levels – $7.65 and $8.00.

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.

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