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Home»EXCHANGE NEWS»LINK Price Increase Extended, Can Chainlink Bulls Hit $8.5 Milestone?
EXCHANGE NEWS

LINK Price Increase Extended, Can Chainlink Bulls Hit $8.5 Milestone?

By Crypto FlexsNovember 27, 20232 Mins Read
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LINK Price Increase Extended, Can Chainlink Bulls Hit .5 Milestone?
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Chainlink’s LINK price is rising above the $7.25 resistance level. The price is now consolidating gains and could target a further rise above $7.50.

  • Chainlink price is showing positive signs above $7.25 against the US dollar.
  • The price is trading near the $7.30 level and above the 100 simple moving average (4-hours).
  • On the 4-hours chart of the LINK/USD pair, there is a major bullish trend line forming with support near $7.25 (data source from Kraken).
  • Unless it closes below the $6.95 support, the price may rise again.

Pay more attention to Chainlink (LINK) price rise

In our last LINK price prediction, we discussed the possibility of further gains above the $7.00 level against the US dollar. The price remained stable and gains expanded above the $7.25 level.

The price even broke the $7.50 level. Chainlink traded as high as $7.56 and outperformed Bitcoin and Ethereum. There was a slight downward correction recently below $7.40. The price tested the 23.6% Fib retracement level rising from the $6.60 swing low to the $7.56 high.

LINK is currently trading near the $6.50 level and above the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $7.25 on the 4-hours chart of the LINK/USD pair.

Source: LINKUSD on TradingView.com

If there is a new price increase, the price may face resistance near $7.45. The first major resistance is near the $7.50 area. A clear break above $7.50 could begin a steady rise towards the $8.00 and $8.20 levels. The next major resistance is near the $8.50 level, above which the price may test $8.80.

Are dips limited?

If Chainlink’s price fails to rise above the $7.50 resistance, the downtrend could extend. Initial support for the downside is near the $7.25 level.

The next major support is near the $6.95 level or the 61.8% Fib retracement level of the rise from the $6.60 swing low to the $7.56 high, below which the price may test the $6.80 level. Any further losses could push LINK towards the $6.60 level in the near term.

technical indicators

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

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

Key support levels – $7.25 and $6.95.

Key resistance levels – $7.50 and $8.50.

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