The price of Chainlink (LINK) token has been steadily rising from $5.00 against the US dollar. It is currently trading above the $6.00 level and the 100 simple moving average (4 hours). On the 4-hour chart, there was a significant breakthrough of a bearish trend line with resistance near $5.10. This positive momentum could continue, and the price may rally towards the $8.0 resistance zone.
After experiencing a major decline, the LINK price found support near the $5.0 zone and started to increase once again. It surpassed resistance levels at $5.10 and $5.50, and even reached $6.37 before consolidating its gains. The price is now above the $6.00 level and the 100 simple moving average (4 hours). It is also showing positive signs above the 23.6% Fib retracement level.
The first major resistance is near the $6.50 zone, and a successful break above this level could lead to further gains towards $7.20 and $7.25. The next significant resistance is at $7.80, and if surpassed, the price could revisit $8.0. However, if the price fails to break above $6.50, there may be a downside correction. Initial support is at $6.05, followed by $5.70. Further losses could bring the price back to $5.00.
The MACD indicator for LINK/USD is losing momentum in the bullish zone, while the RSI is above the 50 level. The major support levels are $6.05 and $5.70, and the major resistance levels are $6.35 and $6.50.
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