LINK Price Prediction: Chainlink Could Surge To $8

Chainlink LINK price is showing positive signs above $6.00. If it overcomes the $6.30 and $6.50 resistance levels, the price is likely to correct higher.

• Chainlink token price is showing positive signs and rising above $5.00 against the US Dollar.
• The price is trading well above the $6.00 level and the 100 simple moving average (4-hours).
• There was a break above a key bearish trend line with resistance near $5.10 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
• The price could extend its recovery and rally towards the $8.0 resistance area.

Chainlink (LINK) eyes higher profits

After a major decline, LINK price found support near the $5.0 area against the US Dollar. A bottom was formed near $5.004 and the price started a fresh rise, 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 key bearish trend line with resistance near $5.10 on the 4-hours chart of the LINK/USD pair. The momentum increased above the $5.80 resistance level.

LINK even jumped above $6.0 before the bears entered the market. A higher level remained near $6.37 and the price is now consolidating the 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 of a rise above the 23.6% Fib retracement level of the $5.00 low to $6.37 high. On the upside, the price is facing resistance near the $6.35 area.

Source: LINKUSD on Tradingview.com

The first major resistance is near the $6.50 area. A clear break above $6.50 could potentially start a fresh rise towards the $7.20 and $7.25 levels. The next major resistance is near the $7.80 level, above which the price could correct again towards $8.0.

Dips Supported?

If Chainlink price fails to climb above the $6.50 resistance, there could be a downside correction. On the downside, an initial support is near the $6.05 level.

The next major support is near the $5.70 level, below which the price could test the 61.8% Fib retracement level of the upward move from the $5.00 low to $6.37 high $5.50 level. Any more losses could lead the price towards 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 well above the 50 level.

Key Support Levels – $6.05 and $5.70.

Key Resistance Levels – $6.35 and $6.50.