Chainlink (LINK) Price Shows Positive Signs Above $7.25
The Chainlink (LINK) price is currently displaying positive signs above the $7.25 level against the US dollar. It is trading above the $7.30 level and the 100 simple moving average (4 hours). On the 4-hour chart of the LINK/USD pair, a key bullish trend line is forming with support near $7.25.
In our previous LINK price prediction, we discussed the possibility of further gains above $7.00 against the US Dollar. The price remained stable and continued its upward movement above $7.25. It even broke the $7.50 level, reaching as high as $7.56, outperforming Bitcoin and Ethereum in the process.
However, there was a minor downside correction below $7.40, with the price testing the 23.6% Fib retracement level of its upward move from the $6.60 swing low to the $7.56 high.
LINK’s Current Position and Outlook
Currently, LINK is trading above the $6.50 level and the 100 simple moving average (4 hours). Additionally, there is a key bullish trend line forming with support near $7.25 on the 4-hour chart of the LINK/USD pair.
If there is a fresh increase, the price may encounter resistance around $7.45, with the first major resistance zone being near $7.50. A clear breakthrough this level could initiate a steady increase towards the $8.00 and $8.20 levels, followed by potential testing of the $8.50 resistance level.
Possible Downturns and Technical Indicators
If Chainlink’s price fails to surpass the $7.50 resistance level, there is a possibility of a downside extension. The initial support on the downside lies near the $7.25 level. The next major support level is around $6.95 or the 61.8% Fib retracement level.
Technical indicators suggest that the MACD for LINK/USD is losing momentum in the bullish zone, while the RSI (Relative Strength Index) is currently above the 50 level.
Hot Take: Chainlink Price Poised for Further Upside Potential
The Chainlink (LINK) price has shown positive signs and remains above key support levels, indicating a potential for further upside in the near future. With its recent outperformance against Bitcoin and Ethereum, LINK has gained momentum and could continue its upward movement if it breaks through the $7.50 resistance level.
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