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Chainlink has recently shown positive developments in the cryptocurrency market. Its price remains well above the $6.5 threshold against the US Dollar. Furthermore, trading data indicates that the price has been maintained above the critical $6.50 level and the 100 simple moving average over the last four hours. This serves as a strong signal of favorable momentum.
In addition to the consistent hold above the $6.50 mark, a bullish trend line is forming, with its support situated near $6.40. This information from Kraken’s 4-hour LINK/USD pair chart implies that the price may rise further. However, this is contingent on its ability to stay above the $6.40 support level.
Following a brief decline, Chainlink’s price found a stable position around the $5.75 area. As a result, the price began to rise, reflecting trends seen in Bitcoin and Ethereum. The increase persisted, surpassing resistance levels at $6.00 and $6.20. The bulls pushed the price above the $6.50 mark, reaching a near-term peak of approximately $7.03. Nevertheless, subsequent corrections are pulling the price down, yet it remains firmly above the crucial $6.50 benchmark.
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Therefore, if LINK experiences another increase, it may face resistance near $6.80. The primary significant resistance is located around the $7.00 area. Surpassing this could facilitate a steady ascent targeting the $7.25 and $7.32 levels. Additionally, breaking through the $7.50 resistance could enable Chainlink to aim for a price of $7.85.
Conversely, potential challenges may arise. It could retract further if Chainlink fails to break the $6.80 resistance. Initial support levels are observed around $6.50, with the next significant support at $6.40. Falling below these levels could lead LINK to test the $5.90 mark. More substantial losses could pull the cryptocurrency down towards the familiar $5.75 range.
In conclusion, from a technical standpoint, the 4-hour MACD for LINK/USD suggests diminishing bullish momentum. However, the 4-hour RSI remains above 50, indicating a favorable equilibrium between buying and selling pressures. To summarize, Chainlink’s key support and resistance levels are at $6.50/$6.40 and $6.80/$7.00, respectively.
The post Chainlink’s Upward Momentum: What’s Next for LINK’s Price? appeared first on BitcoinWorld.
