Chainlink’s Positive Price Trajectory
Chainlink’s LINK token is exhibiting promising indicators, especially with its price maintaining momentum above the $7.20 mark. The potential for further growth is evident if the price remains steady above the $7.30 support threshold. After experiencing a brief downward trend, LINK found its footing around the $6.95 mark against the US Dollar. This resilience led to a notable surge, setting it apart from other cryptocurrencies like Bitcoin and Ethereum.
The LINK token witnessed a significant upward shift, surpassing resistance levels at $7.10 and $7.20. This bullish trend was further solidified with a break past a major bearish trend line, which had resistance close to $7.35. The culmination of this positive trajectory saw the LINK token nearing the $8.00 zone, indicating a robust market presence.
Potential Hurdles and Support Zones
While LINK’s price trajectory is optimistic, it faces potential resistance around the $7.80 mark. The primary resistance zone is situated close to $7.95. Should the LINK price break past this resistance, the market could witness a fresh surge, potentially reaching the $8.20 and $8.255 thresholds. Beyond this, a resistance at $8.50 looms, with a breakthrough possibly leading to a revisit of the $8.80 mark.
However, if LINK struggles to surpass the $7.95 resistance, a downward correction might be on the horizon. The initial support in such a scenario lies around the $7.50 mark. Further support is anticipated near the $7.30 level, which is crucial for maintaining the current bullish momentum. A dip below this could see the price testing the waters at $7.10, with further declines potentially pushing it towards the $7.00 mark.
Technical Analysis Overview
From a technical standpoint, the MACD for LINK/USD indicates a slowing momentum in the bullish territory. Meanwhile, the RSI for LINK/USD remains above the 50 mark, suggesting a positive sentiment among traders. Key support levels to watch out for include $7.50 and $7.30, while major resistance zones are pegged at $7.80 and $7.95.
