Chainlink (LINK) found support near $7.000 after a sharp downside correction against the US Dollar. It is climbing again and it seems like the bulls are aiming a fresh high above $8.500 and $9.000.
- Chainlink token price is regaining strength above the $7.800 and $8.000 levels against the US dollar.
- The price is likely to accelerate higher above the recent all-time high at $8.530.
- There is a crucial bullish trend line forming with support at $7.350 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The pair might correct a few points, but dips are likely to find buyers near $7.500 and $7.350.
Chainlink (LINK) is Gaining Bullish Momentum
Recently, we saw a sharp rise in chainlink (LINK) above the $7.000 and $8.000 resistance levels against the US Dollar. LINK traded to a new all-time high at $8.530 and settled well above the 100 simple moving average (4-hours).
It corrected lower sharply from the $8.530 high and declined below $8.000. However, the $7.000 support zone acted as a massive buy zone (as discussed in the last technical analysis).A swing low was formed near $6.841 and the price started a fresh increase. It climbed above the $7.250 and $7.5000 resistance levels. The bulls were able to push the price above the 50% Fib retracement level of the downside correction from the $8.530 high to $6.841 low.
LINK price above $8.000. Source:It even spiked above the $8.000 resistance, plus the 76.4% Fib retracement level of the downside correction from the $8.530 high to $6.841 low. LINK is currently consolidating gains above $8.000 and it is likely to continue higher. Moreover, there is a crucial bullish trend line forming with support at $7.350 on the 4-hours chart of the LINK/USD pair. On the upside, the $8.500 zone is a crucial hurdle. If there is a clear break above $8.500, the bulls are likely to aim a test of $9.000. Any further gains might open the doors for $10.00 in the near term.