Chainlink (LINK) to Overcome $7 Soon – Price Analysis

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  • Chainlink price displays bullish actions.
  • LINK/USD trades at $6.3
  • The immediate resistance stands at $7.

Chainlink (LINK/USD) traded near $6.3 at this publication. The following resistance stands at $7. Meanwhile, bulls show their endeavor to push pieces higher. The alternative token remains within a consolidation phase, trading in the $4 – $8 range.

A break past $8 will send the coin to $10. However, bears’ resurgence would see LINK losing ground at $4, welcoming downtrends to retest the support at $2.

Chainlink’s market cap hovers at $2.9 billion, and with a trading volume of $678 million, the token ranks 20 on the cryptocurrency list by value. LINK-USD has consolidated within the $4.5 support and $5.6 resistance for one week.

Improved price actions over the past days propelled the token beyond the $6 level, hitting the $6.48 high before a slight decline. Chainlink was among the best performance in the crypto space over the past 24 hours, gaining more than 9%.

LINK Daily Timeframe: Can LINK/USD Resume Uptrends?

The daily chart shows the altcoin trading at around $6.3. LINK’s market cap stands at $2.9 billion, whereas the trading volume hovered at $678. Meanwhile, the 1hr chart had LINK/USD on a plunging channel as the token wavers from $5.47 – $6.48. A decisive move past $6.48 would mean an uptrend resumption.

LINK 4Hr Timeframe: Bulls Struggle to Maintain Control

The 4hr chart shows LINK in a bullish pennant setup as the altcoin fluctuates in the $5.47 – $6.48 range. An upside breakout would see Chainlink eyeing the resistance level at $7. Meanwhile, breaching $5.47 would send the alt to the $4.50 foothold.

The MACD highlights a bullish bias for LINK as it stays beyond the zero line. Moving beneath zero might increase selling pressure, pushing LINK to the support at $5.47. Chainlink’s indicators suggest near-term bullishness for the token. The RSI stays above 50, showing bull dominance. Moreover, the MACD crossed beyond the signal line, highlighting more upticks in the short term.

Final Thought

Chainlink’s price outlook reveals optimistic trends with increasing prices. The altcoin explores bullish waves amid improved mood within the past day. Meanwhile, technical indicators flash near-term surges for the token. Experts can expect an upswing to the $7 resistance soon.

Editorial credit: sdx15 / shutterstock.com


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