Chainlink (LINK) Price Eyes Fresh Recovery
Chainlink token price is showing positive signs above $6.0 against the US dollar. The price is trading above the $6.05 level and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $6.10 on the 4-hour chart of the LINK/USD pair (data source from Kraken). The price could gain bullish momentum above the $6.25 resistance zone.
Main Breakdowns:
– Chainlink (LINK) price is trading above $6.05 and the 100 simple moving average, indicating positive signs.
– A bearish trend line with resistance near $6.10 is forming on the 4-hour chart.
– The price is struggling near the trend line and $6.10, with the first major resistance at $6.25.
– A clear break above $6.25 could lead to a fresh increase towards $6.65 and $6.80 levels.
– Failure to break above $6.25 could result in a downside extension, with initial support at $6.00.
Hot Take:
Chainlink (LINK) price is currently showing positive signs and may experience a fresh recovery if it breaks above the $6.25 resistance level. However, if it fails to do so, a downside extension is possible. The overall technical indicators suggest a bearish momentum for now.
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