LINK Price Prediction: Chainlink Turns Attractive On Dips

2023-08-10 07:51:50

Chainlink’s LINK price is showing positive signs pace above $7.20. The price could rise further if it stays above the $7.30 support zone.

Chainlink token price is showing positive signs and rising from $7.00 against the US dollar.
The price is trading above the $7.30 level and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $7.35 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
The price could gain bullish momentum above the $7.35 resistance zone.

Chainlink (LINK) Price Eyes More Gains

After a short-term downside correction, LINK price found support near the $6.95 level against the US Dollar. A low was formed near $6.933 and the price started a fresh increase, unlike Bitcoin and Ethereum.

There was a clear move above the $7.10 and $7.20 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $7.35 on the 4-hour chart of the LINK/USD pair. Finally, the pair traded close to the $8.00 zone.

A high is formed near $7.914 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $6.933 swing low to the $7.914 high.

Source: LINKUSD on TradingView.com

LINK price is now trading above the $7.30 level and the 100 simple moving average (4 hours). It is now facing resistance near the $7.80 level. The first major resistance is near the $7.95 zone. A clear break above $7.95 may possibly start a fresh increase toward the $8.20 and $8.255 levels. The next major resistance is near the $8.50 level, above which the price could revisit $8.80.

Dips Supported?

If Chainlink’s price fails to climb above the $7.95 resistance level, there could be a downside correction. Initial support on the downside is near the $7.50 level and the 100 simple moving average (4 hours).

The next major support is near the $7.30 level and 61.8% Fib retracement level of the upward move from the $6.933 swing low to the $7.914 high, below which the price might test the $7.10 level. Any more losses could lead the price toward the $7.00 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 – $7.50 and $7.30.

Major Resistance Levels – $7.80 and $7.95.

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