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Chainlink’s Upward Momentum: What’s Next for LINK’s Price?

22.09.2023
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Chainlink has recently demonstrated encouraging signs in the cryptocurrency market. Its price remains significantly above the $6.5 mark against the US Dollar. Moreover, trading data reveals the price sustaining above the crucial $6.50 level and the 100 simple moving average over the past four hours. This is a strong indication of positive momentum.

Besides the steady hold above the $6.50 mark, there’s an emerging bullish trend line with its support hovering near $6.40. This data from Kraken’s 4-hour LINK/USD pair chart suggests the price could climb further. However, it hinges on whether it remains above the $6.40 support level.

After experiencing a brief dip, Chainlink’s price discovered a reliable footing around the $5.75 zone. Consequently, the price began upward, mirroring trends observed in Bitcoin and Ethereum. The surge continued, overcoming resistance levels at $6.00 and $6.20. The bulls elevated the price beyond the $6.50 threshold, setting a near-term high of around $7.03. However, subsequent corrections are nudging the price downwards, yet it confidently remains above the pivotal $6.50 benchmark.

Hence, if LINK witnesses another surge, it could encounter resistance close to $6.80. The foremost significant resistance resides near the $7.00 region. Overcoming this might pave the way for a consistent climb targeting the $7.25 and $7.32 zones. Additionally, soaring past the $7.50 resistance could set the stage for Chainlink to target a $7.85 price.

On the flip side, potential hurdles could emerge. It may retract further if Chainlink doesn’t breach the $6.80 resistance. Initial support levels appear around $6.50, with the subsequent significant cushion at $6.40. Slipping below these could see LINK test the $5.90 mark. More pronounced losses drag the cryptocurrency down towards the familiar $5.75 territory.

Finally, from a technical perspective, the 4-hour MACD for LINK/USD hints at waning bullish momentum. However, the 4-hour RSI stands above 50, indicating a favorable balance between buying and selling pressures. To summarize, Chainlink’s significant support and resistance levels are at $6.50/$6.40 and $6.80/$7.00, respectively.

The post Chainlink’s Upward Momentum: What’s Next for LINK’s Price? appeared first on BitcoinWorld.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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