CHAINLINK PRICE ANALYSIS CMP-$7.64: Will the uptrend keep going?

LINK trading above $7.50 and trendlines, signaling optimism.

Chainlink is exhibiting bullish indicators as it maintains momentum above the $7.20 mark. The potential for an extended upward movement becomes more likely if it manages to sustain its position above the crucial resistance zone at $8.00.

Following a brief corrective phase, LINK's price encountered a support level around $6.95 against the US Dollar. This resulted in the formation of a bottom around $6.94, subsequently initiating a new bullish trend. 

The LINK/USD pair displayed a notable upward surge, surpassing key resistance levels at $7.10 and $7.20. Furthermore, a significant bearish trend line was breached on the 4-hour chart, encountering resistance around $7.50.

Consequently, this advancement drove the pair towards the $8.00 threshold, attaining a peak around $7.919. Subsequently, a corrective phase was initiated, leading the price to dip below the 23.6% Fibonacci retracement level of the ascent from the low of $6.940 to the high of $7.919. Nevertheless, the current LINK price maintains its position above both the $7.50 mark and the 50-hourly simple moving average.

LINK is currently encountering a notable barrier around the $7.80 mark. The initial significant resistance is situated close to the $7.95 region. If there is a decisive breach above the $7.95 threshold, it has the potential to initiate a new upward movement towards the $8.20 and $8.25 marks. Subsequently, a more significant hurdle awaits near the $8.50 level; surpassing this level might pave the way for a potential return to the $8.80-$9.00 range.

If Chainlink's price can't go above the $7.95 hurdle, it might go down. At first, support could be around $7.50, along with the average of the last 50 hours. After that, a stronger support might be around $7.30. If this support breaks, the price could even drop to around $7.00 soon.

According to Coingabbar Price Analysis, The market capitalization of this LINK is estimated to be $4,116,793,753. The 24-hour trading volume for the coin is around $360,809,333.

KEY LEVELS :

RESISTANCE LEVEL : $7.95-$8.50

SUPPORT LEVEL : $7.35-$6.80

Is the breakdown the start of a correction for LINK? Will LINK kickstart an uptrend? Is a breakout from its prolonged consolidation zone on the horizon? Feel free to share your opinions in the comment section below.

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