Chainlink Rallies Over 7% As The Bulls Aim $8.8

Chainlink’s LINK price is gaining pace above $7.00. The price could rise further if it clears the $7.35 and $7.50 resistance levels.

• Chainlink token price is showing positive signs and rising from $6.50 against the US dollar.
• The price is trading above the $7.00 level and the 100 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
• The price could gain bullish momentum above the $7.35 resistance zone.

Chainlink (LINK) Price Eyes More Gains

After a short-term downside correction, LINK price found support near the $6.45 level against the US Dollar. A low was formed near $6.458 and the price started a fresh increase, unlike Bitcoin and Ethereum.

There was a clear move above the $6.65 and $6.90 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low. LINK price is now trading above the $7.00 level and the 100 simple moving average (4 hours).

There is also a major bullish trend line forming with support near $6.65 on the 4-hour chart of the LINK/USD pair. The pair is now facing resistance near the 76.4% Fib retracement level of the downward move from the $7.36 swing high to the $6.458 low.

Source: LINKUSD on TradingView.com

The first major resistance is near the $7.35 zone. A clear break above $7.35 may possibly start a fresh increase toward the $7.50 and $7.85 levels. The next major resistance is near the $8.00 level, above which the price could revisit $8.80.

Dips Supported?

If Chainlink’s price fails to climb above the $7.35 resistance level, there could be a downside correction. Initial support on the downside is near the $6.90 level.

The next major support is near the $6.65 level and the trend line zone, below which the price might test the $6.45 level. Any more losses could lead the price toward the $6.00 level in the near term.

Technical Indicators

4 hours MACD – The MACD for LINK/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.

Major Support Levels – $6.90 and $6.65.

Major Resistance Levels – $7.35 and $8.00.