HomeAltcoinsLINK/USD set to break above the $7.5 resistance level soon

LINK/USD set to break above the $7.5 resistance level soon

-


Chainlink price analysis indicates that bulls are in control of the LINK/USD market as prices surged to $7.50. The upsurge resulted from an increase in buying pressure after a period of consolidation below $6.5. As prices surged, they faced minor resistance at the psychological $7 mark but were quickly pushed higher by the bulls. The market hit a high of $7.50 before slightly correcting lower.

Chainlink prices are changing at $6.86 as buyers try to push the market higher after the recent correction. Chainlink’s on-chain fundamentals remain strong other news; Santiment released a report that showed LINK’s social volume and active addresses have surged in the last few days.

Chainlink price action on a daily chart: LINK gains 13.8 percent

The Chainlink price is on the rise today, with the bulls in control of the market. Since the start of the day, the market has been in a strong bull trend and has hit a high of $6.69. The prices are presently battling at $7.5, where if the bulls can push through, we may anticipate values to rally towards $8 and even $10.On the hourly chart, Chainlink prices are in a strong uptrend as the market rallied from $5.60 to $7.50.

LINK/USD set to break above the $7.5 resistance level soon
LINK/USD 1-day price chart, source: TradingView

The market is currently facing resistance at $7.5, which, if broken, could see prices rally to $8 and even higher levels in the near term. The market is currently well above the 100-day and 200-day simple moving averages, which is a bullish sign. The next level of resistance lies at $8, followed by $9. support levels lie at $6 and $5.80.

The upsurge resulted from an increase in buying pressure after a period of consolidation below $6.5.As prices surged, they faced minor resistance at the psychological $7 mark but were quickly pushed higher by the bulls. The market hit a high of $7.50 before slightly correcting lower.

Chainlink price analysis on a 4-hour price chart: LINK tests resistance at $7.60

The Chainlink prices are currently testing the resistance at $7.60 on the 4-hour price analysis chart. If prices can break and close above this level, we could see a rally towards $8.00 and even higher levels in the short term. The market is currently well above the moving averages, which is a bullish sign. The RSI is currently near the overbought levels, which suggests that there may be some consolidation in the near term. Support levels lie at $7.00 and $6.80. The market is currently facing resistance at $7.5, which, if broken, could see prices rally to $8 and even higher levels in the near term.

LINK/USD set to break above the $7.5 resistance level soon
LINK/USD 4-hour price chart, source: Tradingview

The Bollinger bands’ values are growing wider, suggesting that the prices are becoming more volatile. The trend favors the bulls, and the prices may soon test the $7.00 resistance levels. Furthermore, the top band has risen above the price, which is a bullish indicator.

Chainlink price analysis conclusion

According to Chainlink price analysis, the price of Chainlink is on a steady rise. The technical indicators all point to a positive trend, and we could expect the prices to reach $8.5 soon.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

CoinShares’ Butterfill suggests ‘continued hesitancy’ among investors

Matrixport's head of strategy said he believes the market is currently in a "wait-and-see environment" but could shift after the U.S. mid-term elections...

Beeple’s Discord URL ‘hijacked,’ directing users to wallet drainer

Other users in the crypto Twitter Community believe lax security management is to blame for the latest phishing scam aimed at Beeple's fans...

Tether commercial paper exposure now under $50M, says CTO

Stablecoin issuer Tether (USDT) has nearly completely slashed its commercial paper holdings, with less than $50 million worth of commercial paper units as of...

How Crypto Twitter reacted to Kim Kardashian’s $1.26M SEC fine

Some pointed out the regulator's supposed hypocrisy, others told crypto-influencers to lawyer up, whilst a few poked fun at the reality TV star....

Most Popular

spot_img