LINK Price Extends Increase, Will Chainlink Bulls Be Able to Hit $8.5 Milestone?

Chainlink’s LINK price is moving higher above the $7.25 resistance. The price is now consolidating gains and might aim for more upsides above $7.50.

• Chainlink price is showing positive signs above $7.25 against the US dollar.
• The price is trading above the $7.30 level and the 100 simple moving average (4 hours).
• There is a key bullish trend line forming with support near $7.25 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
• The price could restart its increase unless there is a close below the $6.95 support.

In the last LINK price prediction, we discussed the chances of more gains above the $7.00 level against the US Dollar. The price did remain stable and extended gains above the $7.25 level.

The price even broke the $7.50 level. Chainlink traded as high as $7.56 and outperformed Bitcoin and Ethereum. Recently, there was a minor downside correction below $7.40. The price tested the 23.6% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high.

LINK is now trading above the $6.50 level and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $7.25 on the 4-hour chart of the LINK/USD pair.

Source: LINKUSD on TradingView.com

If there is a fresh increase, the price might face resistance near $7.45. The first major resistance is near the $7.50 zone. A clear break above $7.50 may possibly start a steady increase toward the $8.00 and $8.20 levels. The next major resistance is near the $8.50 level, above which the price could test $8.80.

If Chainlink’s price fails to climb above the $7.50 resistance level, there could be a downside extension. Initial support on the downside is near the $7.25 level.

The next major support is near the $6.95 level or the 61.8% Fib retracement level of the upward move from the $6.60 swing low to the $7.56 high, below which the price might test the $6.80 level. Any more losses could lead LINK toward the $6.60 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 – $7.25 and $6.95.

Major Resistance Levels – $7.50 and $8.50.