27 September 2023
Chainlink’s LINK price is moving higher above the $7.25 resistance. The price is now consolidating gains and might aim for more upsides above $7.50.
Chainlink price is showing 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).
There is a key bullish trend line forming with support near $7.25 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
The price could restart its increase unless there is a close below the $6.95 support.
Chainlink (LINK) Price Eyes More Upsides
In the last LINK price prediction, we discussed the chances of more gains above the $7.00 level against the US Dollar. The price did remain stable and extended gains above the $7.25 level.
The price even broke the $7.50 level. Chainlink traded as high as $7.56 and outperformed Bitcoin and Ethereum. Recently, there was a minor downside correction below $7.40. The price tested the 23.6% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high.
LINK is now trading above the $6.50 level and the 100 simple moving average (4 hours). There is also a key bullish trend line 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 might face resistance near $7.45. The first major resistance is near the $7.50 zone. A clear break above $7.50 may possibly start a steady increase toward the $8.00 and $8.20 levels. The next major resistance is near the $8.50 level, above which the price could test $8.80.
Are Dips Limited?
If Chainlink’s price fails to climb above the $7.50 resistance level, there could be a downside extension. Initial support on the downside is near the $7.25 level.
The next major support is near the $6.95 level or the 61.8% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high, below which the price might test the $6.80 level. Any more losses could lead LINK toward the $6.60 level in the near term.
Technical Indicators
4 hours MACD – The MACD for LINK/USD is losing 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 – $7.25 and $6.95.
Major Resistance Levels – $7.50 and $8.50.