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Chainlink’s LINK price is gaining momentum above $7.00. If it overcomes the $7.35 and $7.50 resistance levels, the price is likely to correct higher.
- Chainlink token price is showing positive signs and rising from $6.50 against the US Dollar.
- The price is trading above the $7.00 level and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $6.65 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The price is likely to rise sharply above the $7.35 resistance area.
Chainlink (LINK) price eyes higher gains
After a short term downside correction, LINK price found support near the $6.45 level against the US Dollar. A bottom was formed near $6.458 and the price started a fresh increase, opposite to bitcoin and Ethereum.
There was a clear move above the $6.65 and $6.90 resistance levels. The price climbed above the 50% Fibonacci retracement level of the downside move from the $7.36 high to $6.458 low. LINK price is now trading above the $7.00 level and the 100 simple moving average (4-hours).
There is also a major bullish trend line forming with support near $6.65 on the 4-hours chart of the LINK/USD pair. The pair is now facing resistance near the 76.4% Fibonacci retracement level of the downside move from the $7.36 high to $6.458 low.
Source: LINKUSD on Tradingview.com
The first major resistance is near the $7.35 area. A clear break above $7.35 could potentially start a fresh rise towards the $7.50 and $7.85 levels. The next major resistance is near the $8.00 level, above which the price could correct again towards $8.80.
Dips Supported?
If Chainlink price fails to climb above the $7.35 resistance, there could be a downside correction. On the downside, an initial support is near the $6.90 level.
The next major support is near the $6.65 level and the trend line zone, below which the price could test the $6.45 level. Any more losses could lead the price towards the $6.00 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 well above the 50 level.
Key Support Levels – $6.90 and $6.65.
Key Resistance Levels – $7.35 and $8.00.
