Chainlink Token Price Shows Positive Signs, Eyes Fresh Increase
The Chainlink token price is currently displaying positive signs above $7.30 against the US dollar. It is trading above the $7.40 level and the 100 simple moving average (4 hours). On the 4-hour chart of the LINK/USD pair, there is a key declining channel forming with resistance near $7.50. The price could potentially gain bullish momentum above the $7.50 resistance zone.
Key Points:
- Chainlink (LINK) price faced sellers near the $7.90 zone and started a downside correction.
- The price declined below the $7.60 and $7.50 levels, but found support near $7.30.
- LINK is currently trading above the 61.8% Fib retracement level and the 100 simple moving average (4 hours).
- The price is facing resistance near the $7.50 level and there is a key declining channel forming.
- If the price fails to climb above the $7.50 resistance, there could be a downside extension with support levels at $7.30 and $7.15.
If the resistance at $7.50 is broken, the price may experience a fresh increase towards the $7.90 and $8.00 levels. The next major resistance lies near $8.20, and a break above that could lead to a revisit of $8.50. However, if the price fails to break the resistance, it may face further losses with initial support at $7.30 and a potential test of $7.15. The MACD indicator shows a loss of momentum in the bearish zone, while the RSI is around the 50 level.
Hot Take:
Chainlink’s price is currently in a crucial position, with resistance at $7.50 determining its next move. If it manages to break above this level, we can expect a bullish trend towards higher resistance levels. However, if the resistance holds, there is a possibility of a downside extension. Traders should closely monitor the price action and key levels for potential trading opportunities.
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