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Chainlink price rises above $7.00: Analysts predict further gains if key resistance levels are overcome
Chainlink (LINK), a well-known token in the crypto world, is showing positive signs of further gains as its price has risen above the $7.00 level and is trading above the 100 simple moving average (4-hours). Analysts and traders are optimistic that the price could rise further if it clears the $7.35 and $7.50 resistance levels. After a short-term downward correction, LINK price found support near the $6.45 level against the US Dollar. This low formed the turning point and the price started rising again, unlike Bitcoin and Ethereum. The price managed to clear the resistance levels of…
Chainlink price rises above $7.00: Analysts predict further gains if key resistance levels are overcome
Chainlink (LINK), a well-known token in the crypto world, is showing positive signs of further gains as its price has risen above the $7.00 level and is trading above the 100 simple moving average (4-hours). Analysts and traders are optimistic that the price could rise further if it clears the $7.35 and $7.50 resistance levels.
After a short-term downward correction, LINK price found support near the $6.45 level against the US Dollar. This low formed the turning point and the price started rising again, unlike Bitcoin and Ethereum. The price managed to clear the $6.65 and $6.90 resistance levels. It rose above the 50% Fib retracement level of the downward move from $7.36 to $6.458. LINK price is now above the $7.00 level and the 100 simple moving average (4-hours).
A key bullish trend line is forming with support near $6.65 on the 4-hour chart of the LINK/USD pair. This is a positive sign for the price as it indicates a future upward movement. However, the pair is currently facing resistance near the 76.4% Fib retracement level of the downward move from $7.36 to $6.458.
Analysts believe that LINK price could gain renewed momentum if there is a clear break above the $7.35 level. In this case, a rise towards the $7.50 and $7.85 levels would be possible. The next major resistance is near the $8.00 level, above which the price could rise to $8.80.
If Chainlink price fails to climb above the $7.35 resistance level, a downward correction could occur. The first support on the downside is near the $6.90 level. The next major support is near the $6.65 level and the trendline zone.
Technical indicators such as the 4-hour MACD show that LINK/USD price is gaining momentum in the bullish zone. The Relative Strength Index (RSI) for LINK/USD is also now above the 50 mark.
Overall, analysts and traders remain optimistic that Chainlink price could continue to rise, especially if it clears the $7.35 and $7.50 resistance levels. It remains to be seen whether the price can break through this resistance and make further gains.