Chainlink (LINK) Price Analysis: Navigating Key Resistance at $7.50 for Potential Upside
The LINK price for Chainlink’s token is currently maintaining its position within the support zone at $7.30, and there is potential for an upward movement if it successfully surpasses the resistance at $7.50. Presently, the price exhibits favorable indicators above the $7.30 mark about the US dollar.
It trades above the $7.40 level and remains positioned above the 100 simple moving average over four hours. Notably, the 4-hour chart of the LINK pair sourced from Kraken displays the development of a significant descending channel, indicating a resistance area around $7.50. Should the price break through this obstacle, it could gather positive momentum and venture into a bullish phase beyond the $7.50 resistance threshold.
Chainlink (LINK) Price Eyes Fresh Increase
Following a notable surge, the price of LINK encountered selling pressure around the $7.90 range in its exchange against the US Dollar. This resulted in a peak of around $7.91, prompting a subsequent corrective downturn. Interestingly, this correction diverged from the trends observed in Bitcoin and Ethereum.
The downward trajectory led the price to breach the thresholds at $7.60 and $7.50. Furthermore, the price descended past the 50% Fibonacci retracement point of the upward movement, extending from the low at $6.932 to the high at $7.915. Notably, there was a brief dip below the $7.40 mark. Nonetheless, bullish sentiment remained evident as market participants exhibited activity and support near the $7.30 level.
LINK maintains a position higher than the 61.8% Fibonacci retracement threshold, corresponding to an upward motion spanning from the $6.932 swing low to the $7.915 high. Additionally, it holds a position above both the $7.40 mark and the 100 simple moving average (4 hours).
It’s finding it a bit tough to go beyond the $7.50 point right now. If we look at a chart showing LINK’s performance against the US Dollar over four hours, we can see a pattern where it’s been facing a challenge around the $7.50 level.
The first big hurdle it needs to cross is around $ 7,685. If it manages to go above this point, there’s a chance it might start moving up again, possibly reaching $7.90 and even $8.00. If it can go even further and break through the $8.20 barrier, then the price could return to $8.50.
More Losses?
Should Chainlink’s price struggle and not manage to surpass the barrier at $7.50, there’s a possibility of the price moving downward. Initially, a support point around $7.30 could provide some cushion against this downside movement.
Looking further down, a significant support level appears near $7.15. Should the price drop below this point, there’s a chance it could approach the $7.00 mark for testing. If the losses continue, it might reach the $6.85 level in the short term.
Technical Indicators:
- MACD on the 4-hour chart for LINK/USD is slowing down in the bearish region
- RSI on the 4-hour chart for LINK/USD is close to 50
- Important support levels are at $7.30 and $7.15
- Key resistance levels are at $7.50 and $7.685
The LINK price for Chainlink‘s token is currently maintaining its position within the support zone at $7.30, and there is potential for an upward movement if it successfully surpasses the resistance at $7.50. The price exhibits favorable indicators above the $7.30 mark against the US dollar.
Additionally, it is trading above the $7.40 level and remains positioned above the 100 simple moving average over four hours. Notably, the 4-hour chart of the LINK/USD pair sourced from Kraken displays the development of a significant descending channel, indicating a resistance area around $7.50. Should the price break through this obstacle, it could gather positive momentum and venture into a bullish phase beyond the $7.50 resistance threshold.
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