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Home»EXCHANGE NEWS»Chainlink hints at a potential rally to $8.
EXCHANGE NEWS

Chainlink hints at a potential rally to $8.

By Crypto FlexsDecember 2, 20232 Mins Read
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Chainlink hints at a potential rally to .
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Chainlink’s LINK price remains within the $7.30 support area. A break out of the $7.50 resistance area could start a new rally for the price.

  • The Chainlink token price is showing positive signs above $7.30 against the US dollar.
  • The price is trading near the $7.40 level and above the 100 simple moving average (4-hours).
  • On the 4-hours chart of the LINK/USD pair, there is a major descending channel with resistance forming near $7.50 (data source from Kraken).
  • The price may gain bullish momentum above the $7.50 resistance zone.

Chainlink (LINK) price hike

After a strong rally, LINK price faced sellers near the $7.90 area against the US dollar. Unlike Bitcoin or Ethereum, the highest price was formed near $7.91 and the price began to adjust downward.

There was movement below the $7.60 and $7.50 levels. The price fell below the 50% Fib retracement level, rising from the $6.932 swing low to the $7.915 high. The price also soared below $7.40. However, the bulls are active near the $7.30 support level.

LINK is trading above the 61.8% Fib retracement level rising from the $6.932 swing low to the $7.915 high. It is also above the $7.40 level and the 100 simple moving average (4-hours).

Source: LINKUSD on TradingView.com

It currently faces resistance near the $7.50 level. There is also a major descending channel with resistance forming near $7.50 on the 4-hours chart of the LINK/USD pair. The first major resistance is near the $7.685 area. A clear break above $7.685 could begin a new rally towards the $7.90 and $8.00 levels. The next major resistance is near the $8.20 level, a break above which could lead the price to revisit $8.50.

Are there more losses?

If Chainlink’s price fails to rise above the $7.50 resistance, the downtrend could extend. Initial support for the downside is near the $7.30 level.

The next major support is near the $7.15 level, below which the price may test the $7.00 level. Any further losses could push the price towards the $6.85 level in the near term.

technical indicators

4-Hour MACD – The MACD for LINK/USD is losing momentum in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for LINK/USD is now close to the 50 level.

Key support levels – $7.30 and $7.15.

Key resistance levels – $7.50 and $7.685.

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