Chainlink’s LINK price is increasing above $7.00. The price could rise further if it clears the $7.35 and $7.50 resistance levels.
- 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 could gain bullish momentum above the $7.35 resistance area.
Chainlink (link) The price is making further gains
After a short-term bearish 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, unlike Bitcoin and Ethereum.
There was a clear move above the $6.65 and $6.90 resistance levels. The price rose above the 50% Fibonacci retracement level of the downside move from $7.36 to a low of $6,458. 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 downward move from the $7.36 swing high to $6,458 swing low.
source: LINKUSD on TradingView.com
The first major resistance is near the $7.35 area. A clear breach above $7.35 could start a fresh increase towards the $7.50 and $7.85 levels. The next major resistance is near the $8.00 level, above which the price could return to $8.80.
Supported dips?
If Chainlink price fails to climb above the $7.35 resistance, a bearish correction might take place. Initial support is on the downside near the $6.90 level.
The next major support is near the $6.65 level and the trend line area, below which the price might test the $6.45 level. Any more losses could push 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-hour RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.
Key Support Levels – $6.90 and $6.65.
Major resistance levels – $7.35 and $8.00.
