Following a sharp decrease, the LINK price against the US Dollar regained support close to the $6.00 region. Similar to bitcoin and ethereum, a low was made near $5.90, at which point the price began a new upward trend.
The $6.50 and $7.00 resistance levels were clearly broken. Even $7.50 was traded for the price. The price has set a high near $7.46 and is currently correcting lower. Below $7.25, there was a slight drop. Price fell under the 23.6% Fib retracement level of the upward movement from the $7.46 high to the swing low of $6.45.
The price of chainlink remains above both the $6.80 mark and the 100 simple moving average (4-hours). In the 4-hours chart of the LINK/USD pair, a significant bullish trend line is also formed, with support located close to $7.08.
The price is meeting resistance in the $7.30 region on the upside. The $7.50 zone serves as the first significant resistance. The $8.50 and $8.80 levels may be reached if there is a clean break above $7.50. At $9.20 is the next significant barrier; if it is overcome, the price may once again approach $10.
Chainlink’s price may gradually decline if it is unable to rise over the $7.50 resistance level. The $7.08 level and the trend line provide some initial support on the downside.
If the price breaks through the trend line support, it may move toward $6.80 or the 61.8% Fib retracement level of the rise from the swing low of $6.45 to the high of $7.46. The price may eventually reach $6.50 if there are any additional losses.
