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.