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Chainlink LINK price is showing positive signs above $6.00. If it overcomes the $6.30 and $6.50 resistance levels, the price is likely to correct higher.
- Chainlink token price is showing positive signs and rising above $5.00 against the US Dollar.
- The price is trading well above the $6.00 level and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $5.10 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The price could extend its recovery and rally towards the $8.0 resistance area.
Chainlink (LINK) eyes higher profits
After a major decline, LINK price found support near the $5.0 area against the US Dollar. A bottom was formed near $5.004 and the price started a fresh rise, 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 key bearish trend line with resistance near $5.10 on the 4-hours chart of the LINK/USD pair. The momentum increased above the $5.80 resistance level.
LINK even jumped above $6.0 before the bears entered the market. A higher level remained near $6.37 and the price is now consolidating the 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 of a rise above the 23.6% Fib retracement level of the $5.00 low to $6.37 high. On the upside, the price is facing resistance near the $6.35 area.
Source: LINKUSD on Tradingview.com
The first major resistance is near the $6.50 area. A clear break above $6.50 could potentially start a fresh rise towards the $7.20 and $7.25 levels. The next major resistance is near the $7.80 level, above which the price could correct again towards $8.0.
Dips Supported?
If Chainlink price fails to climb above the $6.50 resistance, there could be a downside correction. On the downside, an initial support is near the $6.05 level.
The next major support is near the $5.70 level, below which the price could test the 61.8% Fib retracement level of the upward move from the $5.00 low to $6.37 high $5.50 level. Any more losses could lead the price towards 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 well above the 50 level.
Key Support Levels – $6.05 and $5.70.
Key Resistance Levels – $6.35 and $6.50.
