Chainlink’s LINK price has made a recovery above the $6.50 resistance level. However, the price is currently undergoing a correction, with potential support near $6.40. This could potentially lead to a fresh increase in the price.
LINK price is displaying positive signs as it trades above the $6.50 level and the 100 simple moving average (4 hours). These factors indicate a promising trend for the cryptocurrency. Additionally, a connecting bullish trend line is forming with support near $6.40 on the 4-hour chart of the LINK/USD pair.
After experiencing a decline, the LINK price found support around the $5.75 zone against the US Dollar. Following this, the price initiated a new increase, similar to Bitcoin and Ethereum. It successfully recovered above the $6.00 and $6.20 resistance levels, reaching as high as $7.03. However, the bears have recently caused a correction in gains.
The LINK price has traded below the 23.6% Fib retracement level of the upward move from the $5.74 swing low to the $7.03 high. Despite this, it is still trading above the $6.50 level and the 100 simple moving average (4 hours). Furthermore, a connecting bullish trend line is forming with support near $6.40 on the 4-hour chart of the LINK/USD pair. This trend line coincides with the 50% Fib retracement level.
In the event of a fresh increase, the LINK price may encounter resistance near $6.80. The first major resistance lies around the $7.00 zone. A successful break above $7.00 could potentially lead to a steady increase towards the $7.25 and $7.32 levels. Additionally, the next significant resistance is near the $7.50 level, and a breakthrough could result in a revisit of $7.85.
If the Chainlink price fails to surpass the $6.80 resistance level, a downside extension may occur. The initial support on the downside is anticipated around the $6.50 level. The following significant support is near $6.40, and a breach below it may lead to a test of the $5.90 level. Further losses could potentially drive LINK towards the $5.75 level in the foreseeable future.
The MACD for LINK/USD on the 4-hour chart indicates a loss of momentum in the bullish zone. However, the RSI (Relative Strength Index) for LINK/USD is now above the 50 level, suggesting a potentially positive trend for the cryptocurrency.
Chainlink’s LINK price has shown signs of recovery and positive momentum. The ability to trade above the $6.50 level and the 100 simple moving average (4 hours) is a positive indicator for the cryptocurrency. However, the current correction in gains and potential resistance levels must be closely monitored. The support levels at $6.40 and $6.50 will play crucial roles in determining the price’s future trajectory. As always, investors and traders should exercise caution and conduct thorough analysis before making any financial decisions related to Chainlink’s LINK price.