Chainlink (LINK) Price Analysis: Positive Signs Emerge, More Gains Possible
Chainlink token price is on the rise, showing positive signs against the US dollar. It is currently trading above the $7.30 level and the 100 simple moving average (4 hours). This article will break down the key points of the price analysis.
Here are the main breakdowns:
– Break above Bearish Trend Line: There was a significant break above a major bearish trend line with resistance near $7.35 on the 4-hour chart of the LINK/USD pair. This indicates a bullish momentum and potential for further gains.
– Support Level: After a short-term downside correction, LINK price found support near the $6.95 level. This support level helped initiate a fresh increase in price, unlike Bitcoin and Ethereum.
– Resistance Levels: The price is now trading above the $7.30 level and is facing resistance near the $7.80 level. The first major resistance is near the $7.95 zone, and a clear break above this level could lead to a fresh increase towards the $8.20 and $8.255 levels.
– Possible Dips: If the price fails to climb above the $7.95 resistance level, there could be a downside correction. Initial support is near the $7.50 level and the 100 simple moving average (4 hours).
In conclusion, Chainlink (LINK) price is showing positive signs and has the potential for more gains. The resistance and support levels mentioned above should be closely monitored for potential trading opportunities.
Hot Take:
Chainlink’s recent price movement is a promising indication for investors. The break above the bearish trend line and the support level near $6.95 showcase the potential for further upward momentum. However, it is important to keep an eye on the resistance levels and possible dips to make informed trading decisions.
By
By
By
By