HomeBITCOINCan Chainlink Bulls Reach $8.5 Milestone as LINK Price Continues to Rise?

Can Chainlink Bulls Reach $8.5 Milestone as LINK Price Continues to Rise?

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Chainlink’s LINK price is experiencing an upward movement above the $7.25 resistance. The current price is consolidating gains and has the potential to reach even higher levels above $7.50.

Chainlink price is demonstrating positive signs above $7.25 against the US dollar. The price is trading above the $7.30 level and the 100 simple moving average (4 hours).

A key bullish trend line is forming with support near $7.25 on the 4-hour chart of the LINK/USD pair (data source from Kraken). Unless there is a close below the $6.95 support, the price could resume its upward movement.

Chainlink (LINK) Price Eyes More Upsides

In the previous LINK price prediction, we discussed the potential for further gains above the $7.00 level against the US Dollar. The price remained stable and continued to climb above the $7.25 level.

The price even surpassed the $7.50 level, reaching as high as $7.56 and outperforming Bitcoin and Ethereum. However, there was a minor downside correction below $7.40, with the price testing the 23.6% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high.

LINK is currently trading above the $6.50 level and the 100 simple moving average (4 hours). Additionally, a key bullish trend line is forming with support near $7.25 on the 4-hour chart of the LINK/USD pair.

Source: LINKUSD on TradingView.com

If there is a fresh increase, the price may encounter resistance near $7.45. The first major resistance level is near the $7.50 zone. A clear breakthrough above $7.50 could potentially initiate a steady increase towards the $8.00 and $8.20 levels. The next significant resistance level is near $8.50, beyond which the price could test $8.80.

Are Dips Limited?

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 is near the $7.25 level.

The next major support level is around $6.95 or the 61.8% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high. If the price continues to decline, it might test the $6.80 level. Further losses could potentially push LINK towards the $6.60 level in the near term.

Technical Indicators

The 4-hour MACD for LINK/USD is losing momentum in the bullish zone.

The 4-hour RSI (Relative Strength Index) for LINK/USD is currently above the 50 level.

Major Support Levels: $7.25 and $6.95.

Major Resistance Levels: $7.50 and $8.50.

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