Chainlink’s LINK price is showing positive signs above $6.00. The price could rise further if it clears the $6.30 and $6.50 resistance levels. Chainlink token price is showing positive signs and rising from $5.00 against the US dollar. The price is trading above the $6.00 level and the 100 simple moving average (4 hours). There was a break above a major bearish trend line with resistance near $5.10 on the 4-hour chart of the LINK/USD pair (data source from Kraken). The price could extend its recovery and rally toward the $8.0 resistance zone. Chainlink (LINK) Eyes More Gains After a major decline, LINK price found support near the $5.0 zone against the US Dollar. A low was formed near $5.004 and the price started a fresh increase, similar to Bitcoin and Ethereum. There was a clear move above the $5.10 and $5.50 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $5.10 on the 4-hours chart of the LINK/USD pair. The upward move gained pace above the $5.80 resistance. LINK even jumped above $6.0 before the bears appeared. A high is formed near $6.37 and the price is now consolidating gains. Chainlink price is now trading above the $6.00 level and the 100 simple moving average (4 hours). It is also showing positive signs above the 23.6% Fib retracement level of the upward move from the $5.00 swing low to the $6.37 high. On the upside, the price is facing resistance near the $6.35 zone. Source: LINKUSD on TradingView.com The first major resistance is near the $6.50 zone. A clear break above $6.50 may possibly start a fresh increase toward the $7.20 and $7.25 levels. The next major resistance is near the $7.80 level, above which the price could revisit $8.0. Dips Supported? If chainlink’s price fails to climb above the $6.50 resistance level, there could be a downside correction. Initial support on the downside is near the $6.05 level. The next major support is near the $5.70 level, below which the price might test the 61.8% Fib retracement level of the upward move from the $5.00 swing low to the $6.37 high at $5.50. Any more losses could lead the price toward the $5.00 level in the near term. Technical Indicators 4 hours MACD – The MACD for LINK/USD is losing momentum in the bullish zone. 4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level. Major Support Levels – $6.05 and $5.70. Major Resistance Levels – $6.35 and $6.50.
