Chainlink has recently demonstrated encouraging signs in the cryptocurrency market. Its price remains significantly above the $6.5 mark against the US Dollar. Moreover, trading data reveals the price sustaining above the crucial $6.50 level and the 100 simple moving average over the past four hours. This is a strong indication of positive momentum.
Besides the steady hold above the $6.50 mark, there’s an emerging bullish trend line with its support hovering near $6.40. This data from Kraken’s 4-hour LINK/USD pair chart suggests the price could climb further. However, it hinges on whether it remains above the $6.40 support level.
After experiencing a brief dip, Chainlink’s price discovered a reliable footing around the $5.75 zone. Consequently, the price began upward, mirroring trends observed in Bitcoin and Ethereum. The surge continued, overcoming resistance levels at $6.00 and $6.20. The bulls elevated the price beyond the $6.50 threshold, setting a near-term high of around $7.03. However, subsequent corrections are nudging the price downwards, yet it confidently remains above the pivotal $6.50 benchmark.
Hence, if LINK witnesses another surge, it could encounter resistance close to $6.80. The foremost significant resistance resides near the $7.00 region. Overcoming this might pave the way for a consistent climb targeting the $7.25 and $7.32 zones. Additionally, soaring past the $7.50 resistance could set the stage for Chainlink to target a $7.85 price.
On the flip side, potential hurdles could emerge. It may retract further if Chainlink doesn’t breach the $6.80 resistance. Initial support levels appear around $6.50, with the subsequent significant cushion at $6.40. Slipping below these could see LINK test the $5.90 mark. More pronounced losses drag the cryptocurrency down towards the familiar $5.75 territory.
Finally, from a technical perspective, the 4-hour MACD for LINK/USD hints at waning bullish momentum. However, the 4-hour RSI stands above 50, indicating a favorable balance between buying and selling pressures. To summarize, Chainlink’s significant support and resistance levels are at $6.50/$6.40 and $6.80/$7.00, respectively.